To persuade him to sell

[JamesCordenFancier]

We have a one bedroom apartment in Cyprus (Paphos) that we purchased on a central (and popular) resort over 10 years ago. We will finish paying it off in 2022 all being well and currently have a tenant in it. I would love to sell up early (yes probably making a loss) in order to be able to afford a good deposit with a bit left over on a flat for my daughter who will finish uni next year (Manchester area most likely). Husband thinks we should wait and hold onto it for as long as possible. Neither of us are knowledgeable about property and I do appreciate this is a first world problem but I was wondering if I am unreasonable in pushing for selling it or should I accept I am BU and keep it a bit longer. Anyone have any knowledge that may help my argument OR convince me to shut up? 😊

Is the apartment making you money or are you breaking even on the mortgage/rent money?

How much are the repayments? Are there penalties for early repayment? What is it worth and how much does your tenant pay?

Op - you need to consider the questions from posters above. This information helps to make right financial decision.

It may be that your daughter should house share for a year until the flat mortgage is paid off (avoid penalties) plus you should consider timing of value of £ v € before moving the cash over the bit. Could mean huge difference in what you get for the flat and then ultimately, what’s available to go towards helping your daughter.

When my DC finished Uni they moved around quite a bit until they settled into permanent employment.

Friends of theirs ended up with flats in the wrong places they were unable to sell (negative equity) when they moved cities.

Keep the Cyprus flat until 2022 then reassess where and what assistance your daughter needs.

One of mine loved Manchester and insisted they would stay there, she did, then moved 2 years later to London!

We’re breaking even for the most part... You have all given me points to consider here (some of which hadn’t even entered my head🙈) so thank you. I think the issue is we are both a bit clueless when it comes to finances etc. Not even sure if the advice we were given at the time (in order to buy the flat) was the best decision. You make your own bed though etc ...

I definitely wouldn't buy a flat straight out of uni. The likelihood is that she'll move around a bit.

Yes, wait a few years. Definitely no need to sell up before you've finished paying for it.

I am no expert. But my head says that wouldn't it be better to wait to see where your daughter settles after leaving uni/starts her career?

Regarding the Manchester flat, sorry to drip feed, but there are many other reasons we would buy one there. She’s definitely there for one year from June and after that, it doesn’t matter as it would still be used (too long and boring to explain).

I'd leave it for now. Your daughter should be free to enjoy the opportunities she has now she is qualified, being stuck in one place with a mortgage may actually be a burden. Wait until she has lived as an adult for a few years first. It's a nice problem to have though and very thoughtful of you both.