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WWYD - selling up rental property?

(2 Posts)
greendiary Mon 19-Jan-15 16:06:00

I need some advice...I live with my DP (his home) and we are getting married next year.

When I split with my ex H, I bought a flat and am currently renting it out. I have had no issues with getting tenants but after mortgage, insurances and taxes, I don't earn much (if anything from it).

I figure I can sell up and pay off my debts of £18k and come out with between £5-10k after debts and solicitor fees, thus saving me £1000/month (between mortgage repayment and debt repayments).

My plan would then be save up the £1k/month and potentially buy again or just have it as savings.

When DP and I get married, we will have an agreement stating that I have no interest in his house - he's been screwed over in the past. I'm happy with this.

The flat isn't perfect - I would need to replace the kitchen and some furnishings in the next year or so.

So - WWYD......its a tough one. I like the idea of being COMPLETELY debt free and not have to worry about being a landlord. But at the same time, I am terrified of not having anything to fall back on....for whatever reason (I don't want to look like I am taking advantage of my DP either - we both know the rules when it comes to each others properties).

Twitterqueen Mon 19-Jan-15 16:24:15

Don't sell. Your flat will accrue in value and will provide you with an income - however small that income is right now, it will grow. And from a tax perspective it will be favourable to you.

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