Re selling or renting house

T

Tillie

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We are in our late sixty’s have one house we bought 15 years ago have it rented in a small town in east coast . Bought for 180.000 Tenant has moved on so do we sell or rent again . We are worried that property might drop in this area , or should we just rent again . We are worried as we are both heading to our seventy’s and we only have one rental property . Our tenant moved 2 months ago . So we need to decide what to do . Our children say sell but if we sell what to do with money .
Tellie .
 
@Tillie - there doesn't seem to be a drop in the price of housing or a shortage of renters at the moment. The big question for yourselves is if you want to be a landlord again or want to take the money from the sale and re-invest it in yourselves - do up your own house, get a newer car, go on a few holidays, pursue a hobby etc..
It won't cost you anything but time & a few calls to local EAs to have the house valued, and then see what you end up with after costs and any applicable taxes... then have a think about it for a few days / weeks ....
 
Spend it , otherwise when your time on this planet has finished your children won't have to pay tax on inheritance.

Spending it reduces this possibility.
 
Depends - the income might be nice for future years. Despite the rhetoric its highly unlikely that any future govt will ever slash or cap rents. And it goes to your estate to carve up between your children.
Your children telling you to sell is amusing - they inherit its value anyway, but you might have more to leave them by continuing to rent it out!
 
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