Well we asked for another walk through the house and took a few notes of a few issues and it looks like this house may have to have a cross through it. Smaller rooms, needing a total update and a tonne of gardening to be done are things we could deal with. A couple cracks in walls that looked reasonably minor are looking to be the downfall. Couple those cracks with the dozen+ massive trees on the property and that most likely spells root damage according to a building professional in the family.
The advice given from everyone here has been so valuable. I mentioned everything to mil and dp and they listened.
While I'm on the subject though, we are outgrowing this house and need more living area so buying another house is possibly still on the agenda. Which is better? A bridging loan or buying another house while renting this house out and possibly putting it on the market so we're can take our time and not have to settle for a price we aren't happy with just to sell before the bridging loan terms "expire"?
Sell it now ( if the market is good) you can't predict what will happen in 6 months, your tenants may cause you grief and then your stuck with a house that won't sell and you will have to take what you can get so I would find out from the best agents ( the most active who sell similar homes to yours) in your area what the demand is like and the average days on market for homes to sell like yours , put together a great marketing/auction campaign and go for it !
it totally depends on the market in your area, and on your individual finances.
if you can afford to keep it and rent it out, do the sums on what you would get in rent, what the costs are etc ... and if you can or cant afford those repayments and for how long.
what will happen if you rent it out, but you have a vacancy for a while? will you still be able to afford the loan repayments? or if the tenant damages the property ... or one of the 100 or so other things that can go wrong happen.
I would only consider keeping it and renting it out if you can afford those things ... otherwise, I would sell to buy a new place.
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