Got a ground floor 2 bedroom apartment with a morgage of approx 70k, had this for 2 years and is now worth approx 120k. We want a 3 bed home as we wanna try for another sprog.
I can rent this out for circa £600pm and they are HUGELY sought after due to the private location, both for purchasing and leasing.
Its really ideal for a small family, young or elderly couple.
Anyone want to buy it, offers please.
Nah only kidding, you get so many people do this in the main forum I thought i'd give it a go
Anyway, my options are;
Rent it out for circa £600 (part furnished/no appliances)
and get a new morgage for a 120k-140k 3 bedroom terrace council house.
OR
Sell the fooker and get a 180k 3 bedroom house, garage etc in a private area.
What would be the best way in your opinion to "climb up the ladder".
I personally want to rent it out for a while, and buy the cheaper house, whilst I build up more funds for a larger home.
I'm 24 so I know I will be progressing in my career and I don't want to "loose" the equity that has built up over the last 2 years and put it on a property that has done the same.
But the bint wants a nice flashy home not in a scummy council area, full of soap dodgers and immigrants