Ok lads in two mind what to do 42 and this plastering game not getting easier got a rented house il come out 150 clear morgatge and tax leaves me whith 90 k I'm paying my way in life but be nice to have that money do i go for it keep it for my penshion got 10 years to pay it off
sell or not
- Thread starter carys
- Start date
Rossi46
Private Member
Sell it and pay off your mortgage. The interest you’ll save paying off early, as long as there isn’t charges, will outweigh the increase in the house value.
The money you’ve got left could always purchase a cheapo property to do up. The rest stays in the pension pot.
Topspread16
Well-Known Member
Keep it, free money out of it to get another. Money makes money.
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scottie5
Private Member
Remortage it and take enough out of it for the deposit on 2 more rentals.
ChrispyUK
Well-Known Member
Yep. What I would do.
Topspread16
Well-Known Member
algeeman
It’s A Boy
ChrispyUK
Well-Known Member
With the money you're making algeemate you're a prime property investor.
algeeman
It’s A Boy
algeeman
It’s A Boy
ChrispyUK
Well-Known Member
superspread
Well-Known Member
Yes
Yes to sell?
i keep looking to Scotland as an investment. you can purchase an ex council house in Ayrshire for £50k this will rent out at £500 per month. i think this is one of the best returns on your money.
in my neck of the woods you have to pay £250k for a property that will give you a return of £800 per month. for the same outlay in Scotland you could have 5 properties returning £2500 per month.
in my neck of the woods you have to pay £250k for a property that will give you a return of £800 per month. for the same outlay in Scotland you could have 5 properties returning £2500 per month.
superspread
Well-Known Member
Keep it, the money will always be in the house, you’ve got 90k sitting in your bank doing nothing otherwise, unless you use it to build a portfolio ,just keep taking the rent and let the capital keep growing
essexandy
The Lake Governor
And what would you plan to do in old age once the 90k has gone?
I've got three rentals all on interest only buy to let mortgages so they're never paid off. Every so many years you remortgage as they go up in value and that's your income. Or obviously you remortgage and then reinvest in more property, or you buy yourself a fishing lake.
ChrispyUK
Well-Known Member
Like the idea of a fishing lake Andy...would be like a pig in s**t. Never got to go last year as doing up rental properties
D
Deleted member 29624
Guest
90k wouldn't last long but that monthly income will keep coming forever, long term is good
ChrispyUK
Well-Known Member
And the need to be local to the property.
stuart23
Private Member
Brilliant!! X
stuart23
Private Member
I’m ayrshire and 50k would only buy you a house in a rough area needing loads of work done to it. House prices are cheap but not as cheap as that.
i have been looking at Kilmarnock. is it that rough ? a wooden shack in Jaywick sands will set you back 50k when you have met the insulation value the council demands for rented property.
why do i need to be local to the property? i am not going to be running round there to wipe their arses for them!
stuart23
Private Member
That’s where I am, it’s like everywhere else, has it’s good areas and bad areas. If you see something and you’d like me to go have a look at it just let me know mate.
no i would never rise at the same rate as essex. i was looking at the returns for a low lay out.
stuart23
Private Member
stuart23
Private Member
I sold one of our rentals last year, 3 bed mid terrace ex council in a good area and got 90k for it. That was Kilmarnock.
scottie5
Private Member
You would if you rented to the yanks malc.
Bloody hell never again.
I had a call at 2 in the morning off one of them once cause a downlighter bulb just blew in the kitchen. Just navigate using the other 7 that are still working ffs.
he Can fly a 35million dollar plane , but cant operate a lawn mower
.