It can be very tempting to sell up and run while prices are so high but If you don't have to sell you may be better off holding on to your investment.
‘I can resist everything except temptation.’
This Oscar Wilde quote came to mind while talking to a friend who is considering selling her house on the Willow Estate in EN1. She’s recently moved out for personal reasons and sensibly doesn’t want to leave it empty indefinitely. She had met with a couple of estate agents and the figures quoted had her eyes spinning. The three bedroom semi-detached house that she bought for £200,000 at the turn of the century, is now worth more than double that.
Fantastic news but then I asked the key question ‘What will you do with the money?’ She didn’t know, and while the money would be nice she doesn’t really need it. She had not thought about letting her property but here are a few reasons why she’s considering it now.
- With no outstanding mortgage she would get a monthly income of around £1,450
- If she wanted to return to the house at a later date, she could.
- If she needed money, she could raise a loan against the property.
- She could still sell the house at a later point if she wanted to.
In addition, while holding on to her house she’s also benefitting from what a survey by Wrigglesworth Consultancy identified as the best performing mainstream investment of the last 18 years – Property!!
It may be tempting to take the money and run, but investigate all the options before you do.
At Belvoir Enfield we are lettings specialists. We don’t sell properties so we are able to provide impartial advice on what makes a good property investment and how to make the most of that investment.