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Is it worth it? Keep or sell our BTL

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Author Topic: Is it worth it? Keep or sell our BTL  (Read 263 times)
Newbie
Posts: 4

I like property

« on: February 23, 2020, 06:38:03 PM »

Hi
Im new to this forum but just wanted a bit of advice. We have had our property 19 years, 13 of these weve used it as a BTL. We have a small amount of equity in the house, but are mortgaged on a interest only basis.  Weve started to notice that things in the house are starting to look tired.  For example, the kitchen, roof and windows.  What we need to decide now is to spend on the house or just get rid.  We have a good long term tenant.
Any advice would be appreciated.
Thanks
Global Moderator
Hero Member
Posts: 3399

I like lots of things

« Reply #1 on: February 23, 2020, 09:03:45 PM »

Get rid.
Newbie
Posts: 4

I like property

« Reply #2 on: February 23, 2020, 09:51:24 PM »

Thanks for your reply. What makes you say that?
Accidental Landlord
Jr. Member
Posts: 71

Just trying my best

« Reply #3 on: February 24, 2020, 10:54:11 AM »

It depends on different factors.The questions are:
- do you want to continue as a Landlord?
-do the maths - would you actually be in profit if you sold now (subject to all sorts of fees/taxes dependent on your circumstances obviously)  or spend and continue to let out?
-the interest only mortgage bothers me, again would you be able to calculate an estimate on where you would be if you sold up or continue?

The laws regarding repairs/maintenance and now the health and safety aspect are pretty clear and most properties have to comply going forward. Older properties tend to be more at risk of needing more work so bear that in mind.
Newbie
Posts: 4

I like property

« Reply #4 on: February 24, 2020, 05:23:01 PM »

Thank you for your long response its really appreciated.  At the moment, the house provides a little income for us which is great, but moving forward we need to think long term.  Im going to do some maths and seriously think about the pros and cons of each. Id feel awful for my tenant if we said we were selling but I suppose weve got to do whats best for us.
Thank you 😊
Hero Member
Posts: 820

I like property

« Reply #5 on: February 24, 2020, 07:14:51 PM »

If another landlord bought the place,having a reliable tenant in situ could be a useful selling point,so he may be able to stay on.
Newbie
Posts: 4

I like property

« Reply #6 on: February 24, 2020, 08:44:31 PM »

Thats interesting. I never thought of that so thanks. Definitely lots to think about!
Newbie
Posts: 3

I like property

« Reply #7 on: March 19, 2020, 12:48:02 PM »

I agree that having a long term, reliable tenant in the property could be a big draw for a buyer - I've read that the tenant would have a right to stay there too and so somewhat protected themselves... but don't quote me in case I'm not right on this! I read it on a blog, not a Government site. Good luck with the decision.
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