We bought a second home and have been renting our old house to family for the past few months - nightmare, late paying rent, not paying bills etc.... anyhow, they have given their notice and I'm trying to persuade hubby to sell rather than hold onto to it and rent it out.
It is now worth double than what we paid for it, so selling it now (after clearing mortgage, top up loans, legal fees etc.) would net us about 40K cash. Hubby thinks we would be mad to sell with the SSIAs coming out shortly.
I'm worried about getting new tennants, security etc. We also have to put about €250 to the rent each month to make the mortgage. To add to it, we could do with spending about €1000 to get it painted . To top things off, we have our first baby on the way and I can't help worrying about interest rates rising etc. etc.
Sorry if this is all over the place but just want to hear your opinion... is it better to hold onto the house or get out now and keep my sanity.
Cheers
Milly
It is now worth double than what we paid for it, so selling it now (after clearing mortgage, top up loans, legal fees etc.) would net us about 40K cash. Hubby thinks we would be mad to sell with the SSIAs coming out shortly.
I'm worried about getting new tennants, security etc. We also have to put about €250 to the rent each month to make the mortgage. To add to it, we could do with spending about €1000 to get it painted . To top things off, we have our first baby on the way and I can't help worrying about interest rates rising etc. etc.
Sorry if this is all over the place but just want to hear your opinion... is it better to hold onto the house or get out now and keep my sanity.
Cheers
Milly