I currently own 50% of a shared ownership property in London, with the other half owned by a housing association. I am planning on travelling abroad, with the possibility of working, for up to a year. I am looking for advice on what to do with my property.
I have just had it valued, and in the 7 years since I bought it, it has gone up in value by £50,000. I was thinking of buying the other share and then renting the property out, but I'm not sure if the rent would cover the new monthly mortgage payments. I would also have to put down a significant deposit for the new mortgage, which I am not sure I could afford. I would also have to pay a letting agent to manage my property while I was away, which would also add to monthly costs. I'm not sure if I could buy the property and then rent it out straight away-would this be allowed?
I could sell the property and make a small profit on the 50% I own after paying fees to solicitors/estate agents/housing association. I would then be free to go travelling, but I may never have a chance of having a property again! I am single and only have a 1 bedroom flat, which was acquired by chance and opportunity, but I now feel like it is a burden and difficult to manage all the bills on my own.
Does anyone have any advice on what the market is like at the moment? Would I be mad to sell now, should I hold on for a while? What is the rentals market like these days? Is it easy to find secure tenants? Ultimately, should I keep my property as an investment for the future, or sell and take the money toi live my life?!
I have just had it valued, and in the 7 years since I bought it, it has gone up in value by £50,000. I was thinking of buying the other share and then renting the property out, but I'm not sure if the rent would cover the new monthly mortgage payments. I would also have to put down a significant deposit for the new mortgage, which I am not sure I could afford. I would also have to pay a letting agent to manage my property while I was away, which would also add to monthly costs. I'm not sure if I could buy the property and then rent it out straight away-would this be allowed?
I could sell the property and make a small profit on the 50% I own after paying fees to solicitors/estate agents/housing association. I would then be free to go travelling, but I may never have a chance of having a property again! I am single and only have a 1 bedroom flat, which was acquired by chance and opportunity, but I now feel like it is a burden and difficult to manage all the bills on my own.
Does anyone have any advice on what the market is like at the moment? Would I be mad to sell now, should I hold on for a while? What is the rentals market like these days? Is it easy to find secure tenants? Ultimately, should I keep my property as an investment for the future, or sell and take the money toi live my life?!