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Sell Or Rent ?

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I've got a flat that I bought back in the early 80's. I've had relatives living in the place since I moved abroad but they have both very recently passed away and the place is now lying empty. Its in West Dunbartonshire in a reasonably nice estate for the area.

House needs internal decoration and a new bathroom, kitchen is only 3 years old and garden is a bit of a tip but just needs some work done. Its a 3 bedroom flat with a garden(four in a block type place). Similar places are for sale in the same area for anything from 100-110K. I'm thinking I could get 90-95K for it without any real problem once it was done up.

Rental for places like that are around 500-550 pcm(lower end of similar offerings in local estate agents/rightmove). The dilemma is that I'd kept the place as it was needed by my family at the time and I'd just overpaid the mortgage till it was done. and had always just looked at it as the future deposit on my home when I came back to Scotland.

However those who needed it no longer do so I'm left with a flat that I'm not sure what to do with. I'm not in any need of the cash and am earning nothing at the bank anyway. Renting would bring in 6K per year which is about 6% yield but with all the potential associated hassle and trouble that I imagine goes with it.

I'll in any case need to do the place up so in the meantime I'll look at a the refurb, anyone got experience of renting in Scotland? I rent myself abroad at the moment but in a much more regulated market and actually have a 9 year lease which I'm 6 years into. So I'm aware of being the rentor but worry that as a result I'd be potentially a bit soft and too easy to deal with. What cut would a management agency take ?

Any input on refurb or anything else ?

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I agree , that is the major issue for me as I'm remote and anything that needed to be done up to this point was done in conjunction with my relatives and they were of course easy to deal with as they were living there for free so everyone was happy in the situation. In fact it was probably a little too easy going as some things got a little too out of hand(e.g garden)

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Having been in a similar position, if you are remote its a real pain...........rentings not worth the hassle from a solely financial perspective however it depends on your long term plans as a returning expat and your current tax residency.

If you now have the place effectively for your sole use, HMRC may take a view with regards to your residency ....don't know what that may be ......but in my case, I was advised to sever all links during my expat days even though I was in full compliance with the contract more than a year, no more than 90 days in etc.

Worth paying for professional advice.

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Tax wise I'm pretty sure I'm OK as I'm working within the EU and paying normal local taxation with full registered residency etc. If I had to pay tax in the UK I'd actually be better off so I doubt anyone will be hunting me down to get the chance to pay less tax.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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