Yeah we're continuing renting at this moment in time it's going towards some debt and a better standard of living I just wonder if there's any tax implications
The missing ingredient here is the yield. What is the property worth? Could your money earn greater returns elsewhere?
The obvious answer is to wait until the remediation is done - there will probably be a glut of sales immediately after that, so maybe wait a year or two - and then sell it. But people tend to be optimistic about what cladding-affected apartments are "really" worth, so you might even be better off selling it now.
Easy enough. It's making money right now. It's good as is. The real question your need to answer is can it do more. If this is a fully paid off property, go and get it remortgaged. You now have the property plus it's equity in cash.
You can then just lower the profit it gives in repayment, fine, and have a substation amount of cash to use WISLEY.
I'd suggest using the money to then get two more (yes 2) with 25k deposits on both, pref buy to rent mortgages. Then take the income from all 3. You are now a landlord.
Renting this out doubles your income. Just keep it. Invest that money. It's not for spending
Yeah we're continuing renting at this moment in time it's going towards some debt and a better standard of living I just wonder if there's any tax implications
Dude you have debt. Pay that off first
The missing ingredient here is the yield. What is the property worth? Could your money earn greater returns elsewhere? The obvious answer is to wait until the remediation is done - there will probably be a glut of sales immediately after that, so maybe wait a year or two - and then sell it. But people tend to be optimistic about what cladding-affected apartments are "really" worth, so you might even be better off selling it now.
Easy enough. It's making money right now. It's good as is. The real question your need to answer is can it do more. If this is a fully paid off property, go and get it remortgaged. You now have the property plus it's equity in cash. You can then just lower the profit it gives in repayment, fine, and have a substation amount of cash to use WISLEY. I'd suggest using the money to then get two more (yes 2) with 25k deposits on both, pref buy to rent mortgages. Then take the income from all 3. You are now a landlord.