We have just been offered a friend of the family's house at a huge discount. It's in a fairly rubbish part of London - without outing myself its a split borough. The East is very rough with stabbings and a big gang presence but this particular street is a very nice little pocket. The house is 4 bed and huge. We live on the West side, nice schools and very leafy but in a much smaller flat but which would do us for 5 years max. The plan before this offer was to hold out and sell this and our other 2 flats in order to finance a big move and stay on the west. To give an idea of price diff, the discounted house is £400k and our little flat here (2 bed) would go for £330k.
So with this offer we have a few options and I am sure there are loads we haven't thought of :
- Sell the largest of the investment flats (in the nice area) to finance the discounted house buy, live here and rent to tenant
- Remortgage this flat to finance the house buy, live here and rent to tenant
- Sell this flat and the smallest flat and actually live in the house
- Go halves on the 4 bed with a relative by selling the smallest of the flats and either live there (logistical issues abound with this option as relative may want to store stuff in the house, or live with us) or rent to relative/tenant
DP is very keen to sell one of the flats off and buy the house but they are the jewels in our crown, because they are very central to London transport and in a nice area without huge amounts of crime. We'd be selling that for a larger place but in an area which has not had its house prices rise proportionally to the rest of the borough.
We don't know what to do. It would be such a shame to let it go!