Hi all,
Just to give a quick background.. My parents are both retired and own a second property which is currently rented. At present the rent just about covers the mortgage (leaving about a deficit of E80 per month - however does not include other incidentals, insurance, repairs, maintenance etc..) so they are running at a bit of a loss at the minute, and will more than likely remain this way for some time to come.
Whilst my parents are not in dire straits, they are finding it increasingly harder to rent said house, and I know that they can get stressed when the mortgage is due, making sure there's enough to meet it each month etc..
House is worth about 240k, mortgage is 80k with about 7 years remaining - on a tracker. So no negative equity.
They are considering selling now before house prices drop even lower. It's not on the market officially - not advertised, no signs etc.. however through word of mouth there are already there are 3 interested parties in the house.
2 parties have recently sold properties, so are cash buyers, not pending mortgage approval etc.. the third party would be seeking a mortgage and are approved and they know and love the area very well.
My parents are seriously considering selling at this point, as both are getting on in years and don't want the hassle and stress of renting, tenants not paying, leaving the place in disrepair etc..
Should they sell now whilst there's interest, pay off their mortgage and put the rest aside for their retirement, or would there be any point in hanging onto the house and continuing to rent it?
All signs point to sell - would love any opinions / other ways of looking at the situation.
Thanks!
Just to give a quick background.. My parents are both retired and own a second property which is currently rented. At present the rent just about covers the mortgage (leaving about a deficit of E80 per month - however does not include other incidentals, insurance, repairs, maintenance etc..) so they are running at a bit of a loss at the minute, and will more than likely remain this way for some time to come.
Whilst my parents are not in dire straits, they are finding it increasingly harder to rent said house, and I know that they can get stressed when the mortgage is due, making sure there's enough to meet it each month etc..
House is worth about 240k, mortgage is 80k with about 7 years remaining - on a tracker. So no negative equity.
They are considering selling now before house prices drop even lower. It's not on the market officially - not advertised, no signs etc.. however through word of mouth there are already there are 3 interested parties in the house.
2 parties have recently sold properties, so are cash buyers, not pending mortgage approval etc.. the third party would be seeking a mortgage and are approved and they know and love the area very well.
My parents are seriously considering selling at this point, as both are getting on in years and don't want the hassle and stress of renting, tenants not paying, leaving the place in disrepair etc..
Should they sell now whilst there's interest, pay off their mortgage and put the rest aside for their retirement, or would there be any point in hanging onto the house and continuing to rent it?
All signs point to sell - would love any opinions / other ways of looking at the situation.
Thanks!