What would you do?

Non-VW related chat - Moderated
Post Reply

So what would you do?

Take the money and run!
0
No votes
Do the sensible thing and become a landlord.
15
100%
 
Total votes: 15
dxg
Moderator
Posts: 1571
Joined: Sat Oct 19, 2002 9:28 pm
Location: Glasgow

What would you do?

Post by dxg »

So, most of you know I'm in the throws of relocating mind body and soul to the great city otherwise known as Glasgow.

Well today things got interesting. I've been trying to find the time to do up my house for renting and am about 80% complete. Just one room left to decorate and some doors to hang. I've got all the paperwork (inspections, certificates, other boring legal stuff) sorted out apart from the mortgage(!) and insurance.

But now a house practically the same as mine has gone up for sale just four doors down the road. It has a garden in good condition while mine is a tip, but I have a really nice garage and they have none (I've got my priorities right!).

To cut to the short of it - this house is up for twice what I paid for mine only four years ago!!! :shock: :shock: :shock:

So, do I put mine up for sale, take the money and run?

The market round here is beginning to stagnate. Lots of people putting stuff up while they think prices are still high, and not much turnover.

I know I can rely on you guys for good advice. No pressure.

The one plus of keeping the house and renting is that my mortgage is tiny (compared to some people's) - the rental income would cover it plus a maintenance budget. So it'd be left building my equity for the future while leaving enough disposable income to cover important stuff like saving for the next VW!


Deek
Top
Si_GTi
Moderator
Posts: 5020
Joined: Thu Apr 08, 2004 1:14 pm
Location: Shropshire

Post by Si_GTi »

The one plus of keeping the house and renting is that my mortgage is tiny (compared to some people's) - the rental income would cover it plus a maintenance budget. So it'd be left building my equity for the future while leaving enough disposable income to cover important stuff like saving for the next VW!
^^
Gets my vote :)
Top
GroovyCarrot
Sponsor
Posts: 2305
Joined: Fri Mar 26, 2004 7:35 am
Location: Saffron Walden, Essex

Post by GroovyCarrot »

I'd keep the house for a rainy day myself.. if the market is stagnating in your area then it's going to be a hassle to sell it, especially for double the price you bought it for, and it is always useful to have an investment like that stashed away in case you ever find yourself in financial trouble.
Top
mikegti
Silver Member
Posts: 417
Joined: Tue Jan 20, 2004 9:57 pm
Location: Brum
Contact:
Contact mikegti

Post by mikegti »

I'd keep the house and rent it out, as long as you can get decent long'ish' term tennants, and/or a good agent to keep an eye on it.

I wish I'd bought a house years ago while they were still 'cheap'!
Top
carmadaaron
Bling Bling Diamond Member
Posts: 4350
Joined: Fri Mar 12, 2004 8:55 pm
Location: Scotland

Post by carmadaaron »

mikegti wrote:I'd keep the house and rent it out, as long as you can get decent long'ish' term tennants, and/or a good agent to keep an eye on it.

I wish I'd bought a house years ago while they were still 'cheap'!
agree.

if you think in long term, at the end of the day, the house will be yours.
so come to think of it, the renting ppl are paying your mortgage! :lol:



dxg wrote:great city otherwise known as Glasgow
:P :lol:
Top
polo_mf
Bronze Member
Posts: 189
Joined: Sat Apr 09, 2005 1:15 am
Location: london

Post by polo_mf »

rent it out mate. get that steady income and sumin u can fall back on just in case!!

get that money each month and spend it on your car!!! get it feature worthy lol
Top
Si_GTi
Moderator
Posts: 5020
Joined: Thu Apr 08, 2004 1:14 pm
Location: Shropshire

Post by Si_GTi »

The poll is currently 8-0 in favour of renting your stack :wink:
Top
User avatar
bstardchild
Moderator
Posts: 3057
Joined: Sun Mar 28, 2004 9:53 pm
Location: Norfolk - "Its just Black & Dirty"

Post by bstardchild »

Don't forget to inform the lender - they may require you to convert the Mortgage to a buy to rent.....

It does have the advantage that way you can buy a place in Glasgow and get appreciation on two properties
Top
Tahrey1043
Bling Bling Diamond Member
Posts: 5184
Joined: Thu Sep 18, 2003 1:15 am
Location: Birmingham! Enjoys: The pseudo-G-Smiles provided by a 1.6 Megane Sport valver...
Contact:
Contact Tahrey1043

Post by Tahrey1043 »

Just because they've put it up for twice the purchase price doesn't mean it's either worth that or that they'll get anything near it at the end of the day.

If it doesnt cost a fortune might be worth having a quick go trying to sell it (you can always get somewhere similar for it's "real" value if it worth, be quids in AND able to carry out the landlord idea) but then going on to rent and see what the local market does if that doesnt work out.

Two houses huh, flash git..... :D
Top
13twelve
Gold Member
Posts: 709
Joined: Mon Nov 29, 2004 1:00 pm
Location: Manchester
Contact:
Contact 13twelve

Post by 13twelve »

usually if you've lived in it for longer than 2 years - you dont have to worry about the morgage being buy to rent.


house prices everywhere either need to fall, or stay the same - the ladder is too high for people to join nowadays.


i doubt they'll fall, much.

keep the house, get the rent and pat yourself on the back for owning a house (something, right now, i can only dream of)

(sell and its high price, whatever you buy also high price...)
Top
dino
Sponsor
Posts: 3023
Joined: Wed Jun 08, 2005 11:59 am
Location: Milton Keynes

Post by dino »

Renting it out gets my vote!

Its what i'd do if i could afford to.....and had a house in the first place lol
Top
Post Reply

Return to “Club House”