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Buying to rent?

(7 Posts)
user1484755069 Wed 18-Jan-17 16:08:27

Hi all, been a long time lurker of this forum but never actually signed up. Noticed how much helpful honest advice you all give though!

Basically I'm 24 and live in the town I grew up in which I've always sworn I was going to leave as I really don't like it. However, 3 years ago me and ex partner bought our first home together and this was in said town (hypocrite alert). We split up around 6 months in and as the flat was in my name I held on to it.

Fast forward to today I'm in a bad place at the moment. Bills for this place have restricted me from alot of things including mobility, I'm in a dead end factory job on min wage and things are currently rocky with my partner.

I'm having to switch EA as the one I've been with now has been dire. Lack of communication, no viewings... this is going to add additional costs I don't need. I haven't got a plan as such if this place does sell, I've asked about moving back in with my Mum and she's welcomed it but doesn't seem to be giving off huge signals about it.

Other option is to rent but then that;s more money. GAH! Bottom line is I want to get away from here. I feel tied down, and at a young(ish) age on my own I'm not ready for this.

Sorry for the first post rant. For the record current partner can't move in as the flat really isn't big enough for 2)

user1484755069 Wed 18-Jan-17 16:11:35

Gah, the title is supposed to be Selling to rent - apologies!

anyname123 Wed 18-Jan-17 16:18:08

What is it you're after OP, I can't really see a question grin

Jasperthedog Wed 18-Jan-17 17:17:10

Do you mean you want to sell your flat and rent somewhere else OP?

Lesley1980 Wed 18-Jan-17 19:21:22

Are you asking if you could rent your flat out instead of selling?

We couldn't sell our flat or afford to leave it empty so we rent it. We did it with out an agent originally but had a few problems so we now use an agent who takes 10% of the monthly rent. The flat has probably been empty 6 weeks in 3 years & tenants have been good. Agent deals with any issues.

We bought our flat at peak prices so the rent doesn't cover the mortgage or factor fees but we can cover that.

user1484755069 Wed 18-Jan-17 19:49:40

Sorry all, I wasn't clear enough.

What I'm saying is, considering my situation, would I be silly to sell my flat to then go and rent somewhere?

I'm on the property ladder at a young age but I'm not happy where I am and being tied down, not sure if it'll be something I regret or a blessing..

Jasperthedog Wed 18-Jan-17 21:09:02

If you rent out your flat would it cover the mortgage? That would free you to rent something elsewhere.

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