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But then I have only one place. I like the idea of leaving my first place alone, so if the second place goes tits up I still have the first place as a roof over my head. Plus I'm looking elsewhere, so I'd have two places in two locations if needed.
My place has doubled in value since I bought it but so has everything else so that's kind of irrelevant. If I find a place to buy that requires the selling of my current place then I'm locked in to waiting for some dickhead buyer and all that nonsense. I'm more inclined to buy a second place and pay it off while leaving the first alone. I guess then it's two smaller places rather than one big place but the risk is less right. I dunno
hippy-
You wouldn't have two places in two locations if you had a tenant?
Make sure it's not too difficult to service your rental property.
It makes zero sense to have it as a storeroom (use the money elsewhere).
Finding a good tenant is important, but also, you never really know? Assume you will have good and bad tenants.
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My place has doubled in value since I bought it but so has everything else so that's kind of irrelevant.
I'd say this is very relevant unless you want to retire in London. If you can keep it and rent it out to cover cost or even pocket you some money, you then have a pretty risk free investment sitting around costing you nothing or even making you money. As London prices are very likely to rise faster than most other places, you'll cash in nicely when you retire.
But yeah, be prepared to have every single thing break. Mate of mine rented their newly renovated place out and had a call after a few weeks that the extractor fan "just fell off"
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I dunno
Yeah I don’t think you know. But fortunately for you, I did pretty much exactly what you are thinking of ten years ago so I’ve done all the learning for you!
Just sell it. Find a buyer before you look for the new gaff. Buy a baller house. Don’t look back.
JonoMarshall
kboy
Howard
Selling is a ballache but you’ve got to do it; it’s likely buying in to fairly risk free investments with the £400k or whatever you place will sell for will pay you more £ per month than the rental income.
Granted there’s the chance of the place going up in value but flats...eh unless in a super cool area and you got in at the bottom I think you won’t achieve great gainz in the mid term