When is the best time to cash in an investment ?

[Redcliff]

I own a flat that I rent out - the rent covers the mortgage and ground rent but not much more. I also have a house with my DP and we have recently had our 2nd child. My DP is currently on a 6 month break from work looking after the baby. He has said he doesn't want to go back to work which would make life so much easier in terms of child care but we would only just be able to live on my pay if we cut down totally - no holidays, no new clothes, no meals out - you get the picture . If we sold the flat we could pay off our debts ( around 3k) and our current mortgage meaning we could still have a nice lifestyle with just my wage coming in. Would this be a foolish idea?

If you hang on to it in a few years time when the mortgage has been paid off then it will be a source of income. I know it might seem a long way off but when you actually cannot work any longer it may well be a godsend.
So I don't think I would be inclined to sell it.

so if you have any fixes/agents fees/legal expenses etc, you are stuffed?

is the flat gaining in value?

also - what savings do you have if you lose your job? That's more important than 'nice lifestyle'.

Good point hole - thinking long term has never been a key driver for me but maybe it should be.

Subject - there is a bit more coming in than I pay out and all done direct so no agent fees but would be stuffed if anything major cane up . No savings either which I know isn't good.

indeed.

example- if the boiler fails in the rental you MUST replace it. Do you have insurances in case you need to evict a non-paying tenant or there is malicious damage?

sounds very risky. You certainly need to forget treats for a while and concentrate on security.