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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"
kboy-
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.
This was why I never wanted to get rid of the flat to buy a new place. But then people started telling me renting was more trouble than it's worth yada yada so I thought I'd pose the question. If I can still get a few grand per year after costs and can then sell it to fund my stupid retirement idea that's neat. I'm currently weighing up keeping the London flat and moving to a smaller new place vs. selling the London flat and getting a much nicer new place. This is kinda what prompted the question.
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the extractor fan "just fell off"
Funny you mention that. Ours just exploded this morning. There's two pieces of it on the floor and some burnt bits in the ceiling. Happy days :)
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you then have a pretty risk free investment sitting around costing you nothing or even making you money.
Bro do u even opportunity cost?
hippy
Howard
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