Is it better to rent or sell the property I have inherited?
Valued at £170.000, it's a one double bedroom flat.
Asked on Jul 23 2010,
Home Finance in Harrow |
Flats are always easy to rent (obviously depending where it is!) Only worth selling if you have something useful to do with the £ from the sale
Answered on Jul 28 2010,
Dear Inheritee, It depends a lot on your personal goals, financial position at current stage in your life and most importantly your tax liability if you sell or rent (which depends on your current income and total inheritance amount).
Selling Buying or Renting are at best very stressful for all parties concerned. Renting a property may seem easy but its not when things actually go wrong. It needs in-depth knowledge of housing regulations, tenancy management, health and safety issues, etc.... An expert in the field is recommended.
In my opinion you need to consult your accountant and a good property consultant. The combination of which will provide a solution suited to your personal circumstance. Its like going to a doctor, every patient is different.
Hope this helps. Feel free to contact me if you need further guidance.
Answered on Aug 25 2010,
Hi Ashley, well like all the previous answers it can be very difficult to manage the flat even if you employ a letting agent, with the market like it is trying to sell can be a nightmare as mortgages are still an issue. If you're looking to sale I might be able to help you I know of quite a few investors who may be looking for a property like yours and if the property fits the bill they would look at giving you full price +.
Please send me an email to let me know if you are interested
Answered on Sep 1 2010,
Your first step will be to find out what rental figure you can achieve and how buoyant the local market is. Don't forget that with a flat you will be responsible to pay management fees, ground rent and building insurance. Once you have the figures you should speak to a trustworthy financial advisor to find out whether a lump sum or monthly payment best suits your circumstances
Answered on Mar 2 2011,
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