Jump to content

Recommended Posts

You shouldnt really sell a property in London at the moment. London is a good long term investment, and you arent likely to get a decent price in the current market due to low availability of mortgages (high deposit/equity needed). However, if you were to be a seller/buyer - you have the advantage of selling and buying in the same depressed market.


I wouldnt sell up and rent. Rent in London at the moment is quite high (and increasing) due to the low availability of mortgages. For example, I am paying less than two-thirds in my mortgage currently, compared to the rent on the same type of property. I only have 20% equity.


I would hence rent out the room, but to someone you know that you can rely on (i.e not a stranger, maybe a friend of a friend). I believe its a much better financial decision in the long run.

Link to comment
https://www.eastdulwichforum.co.uk/topic/25471-thoughts/#findComment-574624
Share on other sites

Thanks lane lover and bunny19.


Sadly my budget is not that healthy..


However, I have just had my place valued and the estate agent quoted the same price as to what I was quoted when the housing market was booming! But I do need to speak to my mortgage advisor as I'm not working full time any more, but do have fairly `healthy equity in my property. So thought if I moved somewhere nearish - brockley, sydenham, honar oak - i'd still benefit from living in London (I still need to go to work) and be able to rent out the smaller property to pay mortgage on the 2 bed... In theory!


I'll put feelers out to mates to see about renting the room - good idea! I just had concerns as I've got a baby... Would anyone really want to live with a baby (that's not theirs)?

Link to comment
https://www.eastdulwichforum.co.uk/topic/25471-thoughts/#findComment-574647
Share on other sites

I would do some research into properties in the areas you mention as the prices are not as cheap as you may think. Ex council flats are a good buy as they offer a lot more space if you have children. I am not sure that you wodulfind many people willing to share wih a small child unless unless you offered very cheap rent.


Good luck with whatever you decide..

Link to comment
https://www.eastdulwichforum.co.uk/topic/25471-thoughts/#findComment-574648
Share on other sites

Being a residential landlord can still offer returns, but you need to be sure your tenants pay up promptly and are credit-worthy, and be aware that you will hit 'unexpected' expences - tenants expect you to keep the tenancy in good order, get things repaired etc. - they won't (often) do the 'little' things about the house that you would as an owner - but expect you to. And if these things are left undone - then the property deteriorates and loses value. This is an issue if you are cash-strapped, as these problems are difficult to plan for (you can claim them against your income, but you still need to pay for them up-front).


If you buy a flat from a council or housing association (or any property where you aren't the ground landlord) - make sure you know what your commitment is as an owner to major fabric repairs (roofs etc.).


Take as much advice as you can - plan your income and outgoings to ensure that you have cash reserves to meet contingencies - i.e. treat it as a business - not as an investment.

Link to comment
https://www.eastdulwichforum.co.uk/topic/25471-thoughts/#findComment-574656
Share on other sites

Hi, I was lucky enough to find a lodger who I sort of already knew when my son was younger (about 3). I charged him a bit less than going rate to make up for noise and sleep interruption, but it definitely helped with the bills and mortgage. It also meant that when my lodger was in I could pop out for milk or anything like that once my son was asleep. My lodger is leaving in a month or so after 27months with us. My son will miss him, and I think my lodger will miss my son too so it can be mutually beneficial.


It was a way I could stay in the area and keep my house. I say go for it.

Link to comment
https://www.eastdulwichforum.co.uk/topic/25471-thoughts/#findComment-574657
Share on other sites

You could try renting a room through www.mondaytofriday.com - renters only have use of the room from mid-day on Monday to mid-day on Friday and the place is yours for the weekend. Obviously you need to commit to cleaning their room and changing sheets etc before they return, but it works well for a friend of mine. You don't have to provide meals or food - just cooking facilities and fridge/supboard space. It suits people whose work requires them to be in London but who, for whatever reason, live beyond normal commuting distances. For them, a big consideration is the travel to work time. East Dulwich works pretty well for people working round London Bridge or parts of the City and Docklands. And if your advert mentions the fact that a baby is in the house then people for whom that's a problem wouldn't bother getting in touch.
Link to comment
https://www.eastdulwichforum.co.uk/topic/25471-thoughts/#findComment-574660
Share on other sites

when I first came to London I rented a room cheaply - about 40% less than the going rate and babysat one night a week- mid week. I think if you targeted the right place you could do well - I have also met au pairs who "lived Out" from thier family at another family owned house. Moving house costs so much money.
Link to comment
https://www.eastdulwichforum.co.uk/topic/25471-thoughts/#findComment-574680
Share on other sites

Thanks so much everyone for all your food for thought.


Moving is sooo expensive, yet owning a property nearly outright is appealing, but the idea of downsizing is not. Living in ex council is also not appealing.. Maybe I've got too used to living in an Edwardian property in a tree lined Crescent..


Seems most support the idea of renting out to someone.. I've toyed with the idea of Monday to Friday as that would be ideal. I think i'll post an ad and see what comes back... Also like the idea of au pair / nanny - I'd not thought of that so thanks WofD.


Penguin68 - Thanks! useful info.

Link to comment
https://www.eastdulwichforum.co.uk/topic/25471-thoughts/#findComment-574730
Share on other sites

Jasmina, the first 90 (?) pounds per week rent is tax free if you rent out a room, in case you did not know this.

Be careful of renting out one place and living in another. You will have to pay tax on the rental income (mortgage costs deductible Of course) but I am not sure if your rental costs in the second place are also deductible. Think also of agent fees, both houses, moving fees and hassle.

Good luck.

Link to comment
https://www.eastdulwichforum.co.uk/topic/25471-thoughts/#findComment-575240
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Latest Discussions

    • Walking last Friday early evening anywhere near where the bottom end of Lordship Lane meets the Goose Green roundabout, one would have been directly confronted - as I was - with this scene: Outside the East Dulwich Tavern an impenetrable phalanx of pushing yobs, shouty louts and selfish yahoos pressed outward from the open doors of this establishment, past the curtilage (the land in front of and owned by the business), all across the public right of way, to the kerbside. This was the situation all the way along, end to end. I watched as passersby, old people, children, parents with buggies, people just going about their business, were forced by these booze-sucking bellowing scumbags onto the road - where, at that hour, traffic rushed endlessly off the roundabout. We have, I realised, somehow become so used to this revolting spectacles as to believe it to be inevitable. It is not. This is why I'm dropping this post. Enough really is enough. This roiling boozy blockade represents a total failure by all the responsible authorities - the licencing authority, for example - but most of all (yet once more, again, as ever), by Southwark Council. Two very different comparisons to give you some perspective: 1. The Kings Head pub on the corner of Albermarle and Stafford Streets, London SW1. Here too, patrons like to drink and chat outside on a warm evening - why should they not. But here, on the latter side a line marks the curtilage on the pavement. Drinkers remain, respectfully, in good order, within the line, watched, quietly and carefully, by a security guard. I wager good money this arrangement is a condition of this pub's licence. 2. The Blue Brick is a cafe in the quiet backstreets of East Dulwich, on the corners of Fellbrigg and Shawbury Roads. Until a few months ago, about half its covers were tables out on the pavement. They bothered nobody. Oh! But they extended all of several centimetres too far into the footpath, so into fearless action swang Southwark Council officers - and now these tables are gone. Result, eh? "Well you see," some wiseacre said to me, "There needs to be a complaint." Not actually true, but for sure this is all too often how local authorities get pushed to do what they should be doing. Hard to think why a complaint trumps, say (and god forbid!) a child being injured on the road. In which circumstance, of course!, Southwark would swing into noisy, virtue-signalling, belated action. But in any case let this post be considered a big, very definite COMPLAINT about this prolonged abuse of our public right of way. I invite readers who agree with me to add their voices. Oh, and all those wee local ward councillors might get off their chufties, defy their party managers, and actually help sort this scandal out. Thanks for reading, Lee Scoresby
    • Hi there, I saw that Google lists the park opening time as 7:30am, but I was wondering if it might actually open earlier than that - maybe anyone who’s out running early or passing by has noticed?  
    • We are thrilled to announce that Little Stars Creche in Dulwich will be opening its doors on 28th April and we would love to invite you and your little ones to an open day where you can meet our team and visit our wonderful setting.  Little Stars is a fun creative space for children aged 2 to 4 years to enjoy whilst parents and carers get some well needed time to catch up on life! We are so excited to bring this much-needed service to the community, and we want to thank all the wonderful parents and carers for participating in our recent survey. Your feedback was invaluable in shaping Little Stars and ensuring it meets the needs of local families. For full information about Little Stars and a detailed schedule please visit our webpage here: Little Stars Crèche We can’t wait to meet you and your little stars soon!
    • Avoid any 2nd hand vehicle with the Ford petrol 1.0 Ecoboost engine and the Petrol 1.2 PureTech engine that can be found in Peugeot, Citroen, Vauxhall.... (you need to mention price for advice)
Home
Events
Sign In

Sign In



Or sign in with one of these services

Search
×
    Search In
×
×
  • Create New...