Sell or rent Forums

jimjam · Account Deactivated

Most people seem to be selling up and then going fulltime. Is this just a fiscal issue or are you not a real fulltimer if you have got some bricks & mortar to return to.

If money permits is it not better to rent your house while you roam the world?

Rapide561

Hi

I was in the position to "sell or rent" - and I opted for the sale.

I had bought the house three years ago and toiled with overtime to pay for a new kitchen, range cooker, high gloss work tops and so on. Then the bathroom was transformed, the garden and more. I could not face the thought of other people in "my place".

Also, in the kitchen, all appliances were integral - I felt I would always be wating for a phone call to say something had broken and a repair bill was imminent.

Financially, for me selling was the right thing to do.

I m earning well in excess of 6% on my savings (gross). The rental income would have worked out about 4% gross of the house's value.

I regularly look at rightmove and where I used to live, houses are stuck like the proverbial to a blanket. With two interest rate rises since I sold, house prices (in my opinion) - near the top, I felt a sale was my best option.

Also, I did consider leaving it empty, but the maths did not add up.

Should I detect a property price surge in South Yorkshire, I might re think my strategy, but as an example, there was a house for sale in Oxspring - a village a few miles from where I lived. It was £229,950. I offered
£205,000 for it in August last year. It would have a been a down size but, I thought I would chance it. My offer was rejected.

Later the owners reduced it to £219,950. The house is still for sale now. Had they taken my £205,000 last year, they would have earned about £5000 in interest (assuming they invested the cash.)

The house is still for sale.

Of course, houses in other areas may still sell at the speed of a high speed train, but, in the present UK market, I believe cash is king.

Russell