Any ideas ?

[steve5]

Any ideas

:?::?:😕 Hi all ,
I'm a newbie to the site & forum, so hello & merry christmass.
I'v got a small 2nd home which I'v rented for years. The mortgage
is almost repaid and wondered what to do ? Keep on renting?
The property is worth about £80,000.
I'm only forty and wanted an investment for ten years or so.

Thanks, Steve:?::?:

 

[shadowninja]

Selling it now would be daft. Prices are falling.

 

[0007]

:?::?:😕 Hi all ,
I'm a newbie to the site & forum, so hello & merry christmass.
I'v got a small 2nd home which I'v rented for years. The mortgage
is almost repaid and wondered what to do ? Keep on renting?
The property is worth about £80,000.
I'm only forty and wanted an investment for ten years or so.

Thanks, Steve:?::?:

I think your question is too general to give an informed opinion - and whatever someone else says it's still only an opinion.

Things i would consider are:
1. your financial objectives
2. your investment / trading / property management skills
3. Is the property saleable in the current market - presumably it is rentable?

It's probably quite easy to calculate ROI on the property but doing this for your trading (if indeed that is what you have in mind) could be difficult unless you are an experienced trader with an actual track record.

I personally am not too keen on property because it has inherently less liquidity than many typical financial instruments & the propery market is somewhat uncertain at the moment. But on the other hand many people have made lots of money from propery in the long term. I aslo don't like landlord's responsibilities - trading ends with the click of the mouse, which to me is a load less hassle. But it's horses for courses - you could even try the gee gees if you want some real fun!

I think you pose a philosophical question which only you can answer. Do bear in mind that if you are a novice trader that to take the money from your property for trading could be an expensive mistake if it all goes wrong. If you do - just use a very small portion.

Hope this helps - take your time and do loads of research.

 

[johnlvs2run]

The mortgage
is almost repaid and wondered what to do ? Keep on renting?

Yes.

 

[raysor]

:?::?:😕 Hi all ,
I'm a newbie to the site & forum, so hello & merry christmass.
I'v got a small 2nd home which I'v rented for years. The mortgage
is almost repaid and wondered what to do ? Keep on renting?
The property is worth about £80,000.
I'm only forty and wanted an investment for ten years or so.

Thanks, Steve:?::?:

Buy another house and rent that as well

 

[steve5]

Thanks.
Wanted to thank you for your reply.

Happy New Year Steve.

 

[joeking323]

By renting you still have positive cashflow from the property, so it becomes an asset that puts money in your pocket each month.

 

[steve5]

Thanks

By renting you still have positive cashflow from the property, so it becomes an asset that puts money in your pocket each month.

Think thats what I'm going to do.Look at it as if it was like my pension.
Thanks for the reply.
Happy new year Steve.

 

[raysor]

Some strange answers. You certainly aren't a "trader" and I am sure you don't want to be. If you are conservative I would just carry on as you are. You know your tenant (as much as you can) presumably. Are you employed? Presumably the house cost you sub £40k or you inherited it.
What else can you do? If you sell it you have CGT to worry about, and where would you put the money.
Your worst case scenario is if the tenant goes and you can't replace him/her. What is the rental market like in your area? Could you finance the expenses of keeping an empty house (Rates and general upkeep)?