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How do you make the decision to sell?


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Have a property that we refurbed and part re-financed last year. 

it’s a 2 bed terrace and to be honest has been a labour of love, the refurb last year inc damp course, kitchen , list of re-skimming etc etc, quite costly. 
 

whilst the refurb is sorted, the damp got quite bad under a previous tenant and it’s still working it’s way out of the re-plaster etc. I feel like, whilst the yield is good (£160pcm mortgage and insurance , £725 rent) , it’s a bit of a problem child and is always going to be needing something, damp, cold etc.

problem is - sell it now , doesn’t realise enough cash to do anything with yet and miss out on new tenants due to go in for a few years. 
 

when you do calculate when is better to sell and trade up a property? I’ve just got to three properties, and have this pride thing that selling one takes me backwards. 
 

That said, I was hoping to get a few more years capital growth out of it and rental income and out the money towards a flip / BRR in the future to start recycling my money. 

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Had a similar situation with a property we bought last year which ended up needing more than we thought including a new roof and damp proof course in the middle of the pandemic. Whilst we were going through the pain of getting all the work done (it also needed full cosmetic refurb) what kept me going was the thought it would be paying us back for the next 20 years and hopefully increasing in value so no way would I consider selling it now.

In terms of the damp problems if you've treated it, have decent tenants who keep the place well ventilated and you don't have water ingress from the roof/gutters etc then I don't see why you should have further problems?

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Yeah that’s true. The house got so damp, that even after some re-pointing etc the salts will be working their way I out of the bricks but hopefully that’s coming to an end now. 
 

ywah it’ll need a new roof at some point as well.

 

I guess we have just bought 2 x 1970s houses and those issues just don’t exist as much.

I think we’ll prob keep it as long as we can to realise growth / rental income then sell it to start our flip journey 

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