Sell it or rent it?

by Readers Question

9:10 AM, 6th January 2021
About 2 weeks ago

Sell it or rent it?

Make Text Bigger
Sell it or rent it?

I have a 1970s 3 bed terraced house on a very popular estate in South Tyneside. I own the house without a mortgage and it has been rented for 6 years to two sets of excellent tenants, absolutely trouble-free.

My tenants have just informed me that, after 5 years of happy renting, they are moving on. Bad timing for me under the Covid regulations!

The idea of renting the property out again fills me with dread – too many scary stories of non-payers that can’t be evicted.

I have been enjoying the extra income, but I do realise that I’ve been lucky to have good tenants. I am retired, in my early 70s, and common sense tells me it’s time to sell up and enjoy spending the proceeds.

I would appreciate any advice or suggestions.


Share this article

Twitter Facebook LinkedIn


Christopher Cook

12:13 PM, 9th January 2021
About 2 weeks ago

Hi alan, i totally understand the dread, i myself have a business buying, refurbing and selling. I had the choice of just buying and renting but the thought of possible hassle of renting just didnt appeal at all.
So i use other people money now to buy property and refurb and sell, then we split profit.
This works for me better and my clients are happy making dubstantial returns, with no headaches for either parties being in building trade.
However ask yourself what you would do with the money and will it just whittle away?
Brexit has put people off buying second home abroad and covid has just made that even harder with travelling restrictions.
You could pay the 10% to the letting agent but again you need to do your due diligence on them as they are not all good.
Unless you buy shares in tesla or amazon who knows what returns you will get from shares. You certainly wont replace rental income and it will be your own money.
You could also release some funds from the property and purchase another for further income, but do the letting through an agent.
Food for thought i hope

North English Landlord

22:05 PM, 9th January 2021
About 2 weeks ago

I would suggest that you don't sell it but take it with you to the grave. In my case crematorium. You and your family want to avoid the big 3 Taxes, Income Tax, Capital Gains Tax and Inheritance Tax as much as you can! You don't really need to sell it and it can be passed onto your children to benefit from. If anything, I would be looking to increase the size of your portfolio. Lets face it, there will always be one bad Tenant but out of 10 or more houses does it really matter? Once you evict them you start again with that property whilst the other 9 or 19 keep you affloat.

North English Landlord

22:20 PM, 9th January 2021
About 2 weeks ago

Hi Alan,
Being just a recent and new English Landlord I have been advised that I should never sell my investment properties. Also I am sure that you and your family want to benefit as much as you can by mitigating the 3 main Taxes as much as possible: Income Tax, Capital Gains Tax and Inheritance Tax. If anything, as Investors and Landlords we should be expanding the size of our portfolios. If you only have 1 or 2 investment properties then it carries greater risk than if you were to have 5 or 10 or more. When one property is giving you grief the other 9 or 19 are still cashflowing and releasing equity so learn to accept. For me personally, I want to expand and to pass on as a legacy to my family and future generations who can do exactly the same. Wealth Growth is a good thing so you should never wind it all up when you reach your 70s or retirement. Instead find a good Property Accountant and let them refer you to some other specialists who can draw out a good plan for you and your family. It is indeed inevitable that we are all going to die some day but selling up just to enjoy a few hundred cocktails on a sandy beach is hardly a sensible plan for you or your family. There are excellent Property Managers out there, Agents and I use one that not only sources the properties but manages them for me. You don't need to be a lone wolf in the property investment business.

North English Landlord

22:53 PM, 9th January 2021
About 2 weeks ago

I hear a lot of people asking should I sell my investment properties?
OK, I understand, you are an Amateur Landlord and you have one or two properties but never aspired to want to build a solid portfolio. If you had then you should most definitely not want to sell your investment properties, not now, not at retirement and certainly not until you die. However, if you do want to sell any of your investment properties I will gladly buy them from you through the same company that sources and manages my investment properties for me. It is true in anything that if you don't have the desire or the why burning fire inside of you then perhaps property investing is just not for you.
If however you want the very best, house prices generally go up in price, not always but most of the time as does the stock market, if you can see beyond your retirement and untimely death and see a future with your family benefiting and continuing the good work of what every family in my opinion should be doing, then keep all your investment properties. Keep them cashflowing and keep releasing equity as and when it is reasonable to do so. Above all, seek advice from a property expert and not just a Lettings Agent. I already use an expert who owns the largest property sourcing and management company in the United Kingdom. I am unable however to share the name or contact details with you but if you do a little research you will find out who he is and how he can help you and your family to change your mindset of bailing out just to cash in. If you sell now at fire sale prices you can not expect to get a good price. The only person winning now is the Investor and Buyer, guys like me who don't live anywhere near their investment properties but have a team of experts looking after them nearby 24/7. I rest my case and I wish you a wonderful life and retirement in whatever you decide.

Judith Wordsworth

10:36 AM, 10th January 2021
About 2 weeks ago

Reply to the comment left by North English Landlord at 09/01/2021 - 22:53
We are not in "fire sale prices", certainly not yet.


11:31 AM, 10th January 2021
About 2 weeks ago

Reply to the comment left by Christopher Cook at 09/01/2021 - 12:13Your comment "you certainly won't replace rental income" is a tad disingenuous if you are not a stock market investor. I can assure you I make more in one night of trading than the one month's rental income I get from a tenant and I can sell for profit immediately.
I am in complete charge of my portfolio without being hindered by government legislation, non-paying tenants, dilapidation, cladding issues, toxic leaseholds, rapacious managing agents, desultory letting agents etc....
I personally will never venture into property again. The freedom of being able to direct my funds as and where I choose has no comparison.
If I could sell my last unit in the UK I would do so without hesitation and skip merrily down the road with my hard earned moola in hand to shove it all into tech stocks.

1 2 3

Leave Comments

Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.

Forgotten your password?



Are you a Mortgage Prisoner?

The Landlords Union

Become a Member, it's FREE

Our mission is to facilitate the sharing of best practice amongst UK landlords, tenants and letting agents

Learn More