Colin
Member
Registered: 4th Apr 02
User status: Offline
|
If your circumstances changed & your required to work away from home all week (paying for digs there), returning at the weekend, would you keep your house on paying all bills mortgage council tax etc or would you sell it, making a tidy sum & kip at your parents at weekends??
Is it worth paying out for a house your going to use 2 days a week
|
Liam
Member
Registered: 19th Jan 06
Location: Stafford
User status: Offline
|
I'd sell tbh.
|
Lisa
Member
Registered: 6th Apr 00
Location: Euxton, Lancashire
User status: Offline
|
keep it as an investment and rent it out so someone else pays the bills and kip at your parents at weekends
|
James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
|
Do what Lisa said. Definetely.
|
Colin
Member
Registered: 4th Apr 02
User status: Offline
|
Renting would mean having to change my mortgage & insurance, council tax etc.
I would be away 18 months then it would change to 2 weeks away & 3 back.
I dont want to rent really, too many complications, I spent alot of time & money doing this place up & if someone else wrecked it id be gutted. So my choices are to keep or sell. Just really unsure what to do.
|
Colin
Member
Registered: 4th Apr 02
User status: Offline
|
If I keep its going to cost me money to not live in it much, if I sell I can easilly go back to the parents at the weekends + i'll have a large cash windfall from selling - £30-35k to burn a hole for a while, gain interest/invest & use as a deposit when im ready to buy again.
|
mav
Member
Registered: 19th Jun 01
Location: Scotland
User status: Offline
|
If it was me I think I would sell up..
But then you have to think what you are going to pay for somewhere when you finish your training...
|
Andrew
Member
Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
User status: Offline
|
I'd kip at me parents to be honest. Everything done for you etc.
|
Colin
Member
Registered: 4th Apr 02
User status: Offline
|
quote:
Originally posted by mav
If it was me I think I would sell up..
But then you have to think what you are going to pay for somewhere when you finish your training...
I'll have about £50k to put down as a deposit in 2 years time with the money I get from selling + other savings, + i'll be on off shore income. somewhere between £40-60k - It wont really be a problem!!
|
Colin
Member
Registered: 4th Apr 02
User status: Offline
|
quote:
Originally posted by Andrew
I'd kip at me parents to be honest. Everything done for you etc.
Seems the best idea tbh, i'll not have time to look after a house, clean/maintain it etc It will cost a fortune & not get lived in!! When im home i'll be spending time with Jade, parents & friends so probably wont use it much at the weekend either
|
JadeM
Premium Member
Registered: 9th Feb 06
User status: Offline
|
|
mav
Member
Registered: 19th Jun 01
Location: Scotland
User status: Offline
|
quote:
Originally posted by Colin
quote:
Originally posted by mav
If it was me I think I would sell up..
But then you have to think what you are going to pay for somewhere when you finish your training...
I'll have about £50k to put down as a deposit in 2 years time with the money I get from selling + other savings, + i'll be on off shore income. somewhere between £40-60k - It wont really be a problem!!
 sell then
Been for interview yet? if yes I take it you got the job...
|
AK
Member
Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline
|
not really worth keeping unless
you rent it out
the mortgage is small enough to just forget about.
etc etc
Where you going to be staying in Aberdeen, and when are you going up? We're moving back up in July.
|
Colin
Member
Registered: 4th Apr 02
User status: Offline
|
Not been for the interview yet mav, im just thinking out whats going to need taken care of if I get it.
AK i'll possibly be there from August 07 until Early 2009.
Think i'll look into renting a bit more, theres a couple houses rented out nearby & local industry is always attracting workers looking for places to stay both long & short term!!
|
Colin
Member
Registered: 4th Apr 02
User status: Offline
|
AK how does renting your house out work, I know you've looked into it recently. How do you declare income tax, etc are you best leaving it to an agent or stick an add in a local paper
I could either keep it myself to live in at the weekends, If I took everything to the bare minimum id be paying about £400 a month.
If I rented id make about £150 a month profit after paying mortgage etc
If I sold id have about £30-35k from the sale.
|
Robin
Premium Member
Registered: 7th Jan 04
Location: Northants Drives: Clio 182 Cup
User status: Offline
|
I'd keep it, rent it out and live elsewhere for the days I was back.
|
AK
Member
Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline
|
keep it..... no point selling just to have the money in the bank. House prices are rising faster than interest.
We're considering using an agent. They normally take about 10% of the rent.
We havent advertised ours in the local papers yet. Might do it soon though.
You'll have to declare the profit as income if you take it out. If you spend the profit on the house its tax exept.
If you can afford to keep it.... keep it. Def dont sell!
But it's a bit of a wated money just leaving it empty. Rent it oot.
You could even just rent a studio apartmant or something for a fraction of the cost..... just for the times you are down.
Are you buying in Aberdeen... or renting?
|
Marc
Member
Registered: 11th Aug 02
Location: York
User status: Offline
|
quote:
Originally posted by AK
keep it..... no point selling just to have the money in the bank. House prices are rising faster than interest.
My thoughts too.
|
Colin
Member
Registered: 4th Apr 02
User status: Offline
|
I'll see what the rental options are then...............
I 'think' i get free digs somewhere in aberdeen, maybe pay a small % of that (I think) Im not on much money the 1st 18 months training though so i'll need to see how far I can stretch my means to keep my flat aswell.
I'll wait & see what happens, just id like to have decided what im doing with this place if I get notice ive got the job.
|
pow
Premium Member
Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline
|
quote:
Originally posted by JadeM
AWWWW!!!
Sell it mate, kip atthe rents, you'll soon fill the weekends up with LOADS to do!!!
|
Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
|
Unless you're going to invest the proceeds somewhere clever you're financially better off keeping the property.
I'm assuming with that much equity you would be making money month-on-month with the rental income? I'm no expert but you may even be able to renovate the flat a bit more with the proceeds, thus avoiding income tax and you get a flat that is worth more when you sell it eventually. Might be worth considering.
|
Andrew
Member
Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
User status: Offline
|
It really is surprising how much cleaning is required per week even when you are hardly ever in. I spend 3 - 4 hours at the weekend just cleaning and probably another 2 hours during the week. My flat is hardly spotless either, just can't be bothered anymore.
You're not really going to wanna come home at the weekends and have to freshen the place up!
Maybe rent the flat out and after a couple of years then sell up? Depends on your circumstances though. Prices just keep rising and rising.
|
Colin
Member
Registered: 4th Apr 02
User status: Offline
|
I'll need to look into the grand scale of this in more detail, find out whats best to do. My 1st thought was it would be best to sell up & not have the expence or hassle of running a home Im not at but I think i'll need to run everything past once again.
As for renting, I would want to move out most my furniture & buy more cheaper stuff, hell it was all bought brand new & is all top of the line stuff. Id feel funny having someone living in my house & having to return to it I think  Then theres the swapping over mortgage, insurances, council tax, possibly involve a rental agent, find tennants, etc etc Seems absolute chaos to have to arrange
|
AK
Member
Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline
|
just speak to a mortgage adviser gadgie..
We're getting or 2nd mortgage as a normal one. Many lenders dont care that you have two... as long as the 1st gets rented out etc etc
|
Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
|
Keep the house, lease it out, stay at parents at weekends
Like AK says get an agent to help you, then you wont be bothered with the little things as well like inspections
Was gunna mention about house insurance, i can't leave my home unoccupied for 30days, somthing may apply to you im not sure!
|
