Sell or Rent when going travelling?

[AceOfHearts]

A bit of advice and personal experience would appreciated to try and help me decide on what to do

I will be going travelling in the immediate future and am deciding on whether to sell or rent out my house. I have lived here 6 years and in that time the house has roughly doubled in value.

If i was to rent i am looking at around £200 left in my pocket each month after tax / mortgage / management fees / landlord insurance. The problem is if say the boiler goes any profit will be quickly wiped out, plus the worry of the tenants actually looking after the place.

But, the big unknown is what will house values do in the next 2 years!

Any thoughts welcome! I have a consent to let pack on its way from the mortgage company at the moment so I can plug some firm numbers once that turns up.

ETA at the moment i am leaning towards selling due to less stress whilst im away, the good return which i will put aside for a future purchase and the fact i doubt i will want to return to this area.

My parents / everyone else though so far is telling me to rent, but to me the finacials seem a bit close cut. If it makes a difference im 28 and am looking to go away for a year or 2

Edited by AceOfHearts on Thursday 14th September 21:44

[anonymous-user]

In the wide scheme of things 200 quid a month is ok if it's guaranteed when you are away.

What happens if a tenant leaves and you need to send 500 quid to spruce up and Re let and it takes a couple of months?

How much is the equity in the property?

[NickCQ]

Stamp duty is the big determinant - if you sell you'll obviously pay it when you buy again on your return. So figure out what it would be at your property's value.

Most likely you'll save money by hanging onto the property even with bad luck on occupancy and maintenance.

[David87]

Selling and buying is expensive. I'd rent it out.

[AceOfHearts]

Cheers guys

I have about 65% equity at the moment

[kurt535]

rent; especially if you will have anon-working career gap meaning on your return finding a mortgage could be harder?

[cml24]

I would rent it out.

I'm in a similar position. Late twenties and own a small house with my partner. We left the UK just over a year ago and rented our house out. Ive been working abroad though, so have overpaid on my mortgage as well.

We planned to go back to the house, but we have a three month old who'll just about be a toddler when we get back. I still think keeping hold of it was definitely the best move. Plus, as has been mentioned, if required at the end of my work abroad I could move back to the house without needing to get a new mortgage immediately after starting a new job.

We paid for full management and rent protection insurance etc etc. However the tennants have been great so far. Lucky I guess. They requested a two year extension as well, so hopefully they like the house too.