To sell or to rent

[pickedupontheway]

Hi all. I have a house that I own outright.
Me and my husband are looking to buy a house and we wouldn't need to sell the first property.
My question is, is it worth renting out the house once we move to our new house? Or will it be better to sell it and put the money in a high interest savings account?
I know about the stamp duty tax implications and we will probably have to put a new bathroom and make the house presentable, so it will initially cost a little bit of money in order to rent it out.
Are we mad? Should we just sell it, or is it worth keeping it for a future/retirement income?
I really don't know.

I've been around the block a few times with this kind of dilemma, having owned, let, and sold many properties over my lifetime.

Letting a property is now a total pain in the rear and the best thing I did was to get rid of my rental properties because there was just so much trouble with tenant after tenant turning rogue and not paying their rent. I had to go to court twice, right loads of letters, and then I had to be present when the bailiffs evicted my final tenants and it was extremely unpleasant and stressful especially as they were screaming abuse at me as there were being dragged out by the police.

It stressed me out so much it just wasn't worth it so I sold up.

I put the money into stocks and shares, where it has doubled in value. I highly recommend you do the same.

Apologies for the typos in my previous message above, but I am speaking in to the phone

Thank you Gawjus, I suppose it's a question of luck in terms of what tenants you get.
I don't know much about stocks&shares, I would put some money towards this but I'm very much risk averse.
I am trying to work out the pros and cons of renting out v selling, having looked at some figures, it's a close call, however it seems to make sense to hold on to the house longer term.
I'm still undecided, any other opinions would be much appreciated. Thank you

Don't rent. Sell & invest the money in ISA's & other tax efficient vehicles.

Renting out a house is very tax inefficient & very illiquid.

You pay tax on the rent income
You pay tax on any profit when you sell
It might takes months if not years to sell.
You might have bad tenants who dont pay rent
You might have tenants who trash the property when they leave.

I currently rent out a house and previously also a flat. Both were managed by letting agents and I have been fortunate to have good, longish term tenants in both properties. However, I've decided that when my current tenant gives notice, I'll sell the house and invest the money. At current rates, I would make as much or maybe slightly more in interest on a bog-standard savings account than in rental income, and with fewer risks.

Definitely sell. It's absolutely not worth it to be a landlord- 0 rights for you after the new Renters Right Bill.