Selling rental property? WWYD?

[pinkroselemonade]

My parents died young and I have a property that is let out. I did live in it briefly myself once.

I now live with DP and we have a baby together.

I am contemplating selling it. It has started to become a lot of hassle and I will be back at work soon.

However it feels a bit like throwing away what my parents left me. Plus there are a family living there at the moment.

What would you do, do you think? Can’t decide!

OP just bear in mind if you and your DP both already own properties if you marry you'll need to declare main residences, pay CGT within 30 days of sale of a property and you'll pay the higher rate of stamp duty if you only sell one property and buy another.

I get this. We have a property we rent out and my heart sinks when the agents phone. That said interest rates mean it makes no sense to sell unless we need the cash (which we don't at present).

Im gonna go against the trend and say sell it.

Have previously rented out 2 properties. Just not worth the hassle anymore, as things will always come up over the years that will drive you nuts. Either from inconsiderate, cheeky or nasty tennants; or dodgy management companies that increase their fees for nothing.

Sell it, and use the money to upgrade your main residence.

It is such a millstone. We have a house that we let out to a family member so we won't sell that but we were going to buy a couple of other BTLs. Having realised how much work it is maintaining the one we have and considering adding extra properties plus our own house we really don't want the extra work. And a bad tenant sucks money out. We've invested instead.

My top tip to any landlord is to not let the property with any white goods included. They are going to be your biggest drain because they don't last and are more likely to be misused and abused if they aren't owned by the tenants themselves.
The only appliances in my let are the boiler and the built in oven.

I'm actually quite surprised that the letting agent didn't point out to you that you're responsible for white goods and encourage you to take them out before your first viewing. That's the one thing mine were most vocal about!
That, and all of your other updates, makes me wonder what kind of shit show they're running.

Poor you! It does sound like a nightmare

Have a look at your local council and housing associations where the house is as several round here lease properties on a long term basis and they take over the bulk of maintenance (as in the small bits - the big things you pay for but they do the organising etc).

It’s a very easy way to let out a property. One of the HA’s here also guarantee the rent so even if it’s between tenants you still have income.

I have 6 btl which I bought 3 from money inherited from my Mum. I let out now but when youngest son and foster son need their own home they will take one each. I manage them myself as in the past I used an agent but they took too long to replace items. In the kitchens their are integrated appliances so cooker, fridge/freezer, washing machine and tumble dryer. I also provide a microwave and kitchen bin. One house has a leather 3 seater sofa and table and chairs but that was only because the tenants had nothing of their own and I had spare. If your parents left it to you I would keep it. Any money spent on improvements are an investment. You can claim replacement items and repairs off of your tax bill so I don't see how it is a drain on your finances.

Because they are really expensive?

OP I forgot to add I have a trusted electrician, gas fitter, and a handyman who is good with plumbing. I give tenants their numbers and they call if they need a repair. Tradesman calls me to confirm it is the ok then they sort it out and invoice me. I pay invoices then accountant deducts invoices from my self assessment tax bill. It works well. I get all rent money paid into separate account I pay mortgage and any repairs from. Anything left after tax bill is paid is my profit.

I rent currently and in my experience I'm not sure what the management agent does apart from collect the rent. I report something, the agent rings the landlord and the landlord sorted it out. Would it be better if you either did it all yourself or just sell it and invest the money?