General Advice

[Henchcliffe31]

Hello,

Just wondering if anyone could give some advice if possible?

I bought a property for £105,000 a year ago and subsequently had the property valued last week at £120,000. This is a property that i currently let out and the rent is just covering the mortgage. Myquestions are:

1) would anyone reccomend me selling the property now?

i am really keen to get involved with property. any tips, advice, websites, courses or seminars anyone could reccomend, i would be very greatful.

Thank you in advance

 

[totallyproperty]

Hi Henchcliffe31

I read your post with interest and get the impression you are unsure what to do next.

Where is you property located? The reasons I ask is that the London market seems to be softening while many other areas of the UK are fairly strong. Without knowing your personal situation, some factors to consider include:-

- Many experts are still fairly bullish about the UK property market

- Demand for rental properties remains fairly strong in general

- The UK economy has picked up markedly over the last 12 months

- Will the Bank of England be forced to lift base rates in the short to medium term?

These are all general factors to take into account as well as your own personal financial situation.

Regards,


Mark

 

[Henchcliffe31]

Thank you for getting back to me Mark. I really appreciate it.

My property is located in Burton-On-Trent, Midlands. Property is something that I would like to get into, im not sure if the 15k profit (before fees) i could get is fast cash and im not looking to the future enough?

The area has a good rental demand, the property was let out in less than 48 hours

Thanks again,

Adam

 

[totallyproperty]

Hi Adam

You may find the following article helpful:-

Optimism over house price increases | Burton News & Staffordshire Newspaper | Burton On Trent Local Newspaper Headlines | Daily Mail

Personally I would view property investment as a long term plan and would only use money which I could afford to "do without" in the short to medium term. If your financial situation changed and you needed to cash in your property investments, you would have no choice on timing and your hands would be tied to a certain extent - you would be at the beck and call of the markets.

If you sold your current property there would be fees to consider and if you were thinking of buying in the same area, would you be replacing one property with a similar one, having paid fees to sell your current property?

I hope this helps.

Regards,


Mark