Hoping for some objective advice on whether to sell or not.
We have had to move from our home due to a change of jobs.
Our home was one we built ourselves over five years ago in a tourist region in the West.
We thought we would live there forever and put the best of materials into it.
It is in a very scenic area on a large site and is a fairly big house with five bedrooms.
It is a very pretty house and has always attracted a lot of compliments.
When we knew we had to move we had it valued.
That was last April or so and even then the market had stalled.
The valuers said it was probably worth 650 ish but one said market it at 550, another at 450 hoping to get more.
To date no sale, we are renting where we are now living and our old home is vacant.
There was minimal interest and we decided to rent it out for summer lets.
Huge interest in this and after just a couple of weeks it was booked for about three months continual lets at 900 per week.
We could probably hope to let it for about another four weeks for sure and possibly pick up another few lets here and there.
It costs us 100 a week it is let, so net the rent is 800 per week.
We don’t know as yet if it would cover the mortgage, taking into account the costs and income tax.
We thought it might though and decided, since there was no interest anyway, to give it a trial.
However now there is someone interested. We now are undecided as to what to do.
This house is fairly unique in that it is in an area where it is extremely hard to get planning, you can walk right down to the beach, there are a lot of tourist attractions in the area etc.
However, meanwhile we are renting ourselves, and if we did sell we would probably realise a net of 265k.
With this we were thinking it might be a good idea to buy another property - in the region of 250 where we now live, with a mortgage of 140, live in it until we source a site and obtain planning and build a new house.
Sites in the area are from 85 to 100, and we would plan to spend about 150 to 200 on building again.
We would then rent out the other house.
This house would rent at between 650 to 750 comfortably.
Would be grateful for advice, sorry for long post.
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