Hi,
What financial/other criteria should be applied when considering this question?
The gentleman has owned the property (3 bed semi-detached, in provincial town) for many years.
There is no mortgage on the property.
The rent has been below market value for quite some time.
The property is not in a RPZ.
He is elderly, and is now finding it quite hard to manage the work involved, and it is becoming a source of stress for him.
He has/had a very "hands-on" approach, and did not use a property management company before now.
Recently the long term tenants (5+ years) vacated the property, and is forcing a decision to be made about what the best next steps are.
The gentleman has requested support in making this decision, and so I am looking for advise/guidance on his behalf.
Are the only options one of the following:
Is there is anything else that should be considered when reviewing these options or other options?
Thanks in advance.
What financial/other criteria should be applied when considering this question?
The gentleman has owned the property (3 bed semi-detached, in provincial town) for many years.
There is no mortgage on the property.
The rent has been below market value for quite some time.
The property is not in a RPZ.
He is elderly, and is now finding it quite hard to manage the work involved, and it is becoming a source of stress for him.
He has/had a very "hands-on" approach, and did not use a property management company before now.
Recently the long term tenants (5+ years) vacated the property, and is forcing a decision to be made about what the best next steps are.
The gentleman has requested support in making this decision, and so I am looking for advise/guidance on his behalf.
Are the only options one of the following:
- Rent through a property management company, reducing the work load significantly but increasing the costs of rental.
- Would require some investment to bring up to "rental" standard.
- Sell it, and remove the work associated with it completely?
Is there is anything else that should be considered when reviewing these options or other options?
Thanks in advance.