Relocating to UK - sell or rent house bought only last year.

Relocating to UK - sell or rent house bought only last year.

Richmond, VA · Member since 2015 · 2 posts · 0 votes
Hi there, We bought a house last April in a heritage area of Richmond VA,great elementary schools, character etc & locked into a great 15 yr rate with unlimited overpayment. We paid full price for it which wasn't ideal, but my wife became pretty emotionally attached to it and it is in a good location for a family home, great area etc ( but I know I didn't get a great deal on price)Unfortunately or fortunately, I am being transferred to the UK at short notice,and my long term plans for the house are up in the air. To give more info: We are moving to a house in the UK that has manageable low(ish)monthly mortgage payment. But I couldnt manage both payments here & in the UK comfortably, if we were not able to rent the Richmond house out. Im wondering if we should put the house up for sale in the hope it shifts fairly quickly, or try and cover the nut on both property's until we can rent it out for enough to cover most of the mortgage in Richmond,keeping to the buy & hold strategy that we were starting to implement. In the long run, I feel this would be preferable.I'm aware that a lot of these questions are based on what ifs and fear! But I wonder if anyone with more experience has an instinct about the best way forward. I know it's a case by case, house by house situ but wondering if anyone has any initial instincts?I am also aware this is a high class problem to have and am grateful for the opportunities, just want to do what's best for my family. Thanks
0Reply
29 views

2 Replies

Jump to latestLatest
  • Investor · Midlothian, VA · Member since 2015 · 980 posts · 823 votes
    10y

    @Ben G.,

    No one could possibly answer this question without knowing more about you and the specific situation.

    If it doesn't work as a rental right now, it is unlikely to anytime soon. So if you don't plan on coming back to it then it would probably be best to wash your hands of it sooner rather than later.

    If you think you may come back to it then you need to determine how much it will cost you to hold on to it and decide if it is worth it.

    If it works as a rental now then I would hold on to it but managing property managers from afar can be a royal pain. Just be sure you are prepared to deal with that because trying to unload it while overseas would not be fun either. Especially if you are sucking up two mortgages in the meantime.

    I will also add that it is generally not a good idea to rent a home that you are emotionally attached to. Tenants will rarely treat it as well or similar to you and it creates A LOT of added stress when emotions are involved.

    Ed

  • Richmond, VA · Member since 2015 · 2 posts · 0 votes
    10y
    Thanks for the reply. Appreciate it.
Join the conversationCreate a free account to reply, vote on answers and follow this thread.