My DH inherited a one bedroom flat when his father died 12 years ago. It's in both our names.
We have been renting it out way below the market rate because the tenants were so good. We also use a letting agent.
The current tenants have now vacated so we are trying to decide is it time to sell with the new rules coming in?
I'm
Retired but DH is a higher rate tax payer.
In all honesty by the time we pay the letting agent and tax etc plus repairs etc we don't really get much income from it .
DH is thinking he'll stop work fairly soon which would clearly stop the higher rate tax.
We have no mortgage
Both our children have properties although with mortgages.
DH is all for selling as he always thinks of the worst case scenario but I think our son's position is uncertain and he could potentially live there if he had to. Although it's not in a particularly nice area.
I think the flat is worth around 225k was 100k when it was inherited- so will be capital gains tax.
Is it time to sell?
We are ok for money really and the intention is to help DS when we need to.