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want to buy and then rent out

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**woody123**
**woody123** Posts: 598 Forumite
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in House buying, renting & selling
Hi,

I am single and therefore know i am not going to be able to afford the mortgage and the bills on top so i'm wondering if buying and then renting would be a good idea.

I know when you rent you are liable for some costs when things need fixings and also you have to have the right sort of people living in your house.
«134567

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  • thesaint
    thesaint Posts: 4,324 Forumite
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    What is your question?
    Well life is harsh, hug me don't reject me.
  • real1314
    real1314 Posts: 4,432 Forumite
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    **woody123** wrote: »
    Hi,

    I am single and therefore know i am not going to be able to afford the mortgage and the bills on top so i'm wondering if buying and then renting would be a good idea.

    I know when you rent you are liable for some costs when things need fixings and also you have to have the right sort of people living in your house.


    So you want to buy a house and then rent it out? But where will you live?

    Have you considered buying a house to live in and renting a room out? Go for a house with 2 double bedrooms so you can rent out a decent sized room?
  • missile
    missile Posts: 11,689 Forumite
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    **woody123** wrote: »
    Hi,

    I am single and therefore know i am not going to be able to afford the mortgage


    So who would give you a mortgage? :confused:
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home :iloveyou:
  • **woody123**
    **woody123** Posts: 598 Forumite
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    Sorry i haven't made myself clear have i?

    I would still be living with my parents whilst renting out the house.

    Its just a way i thought of getting on the ladder for the time being until i can afford both the mortgage and bills together.

    What i wanted to know really was how would i go about renting e.g finding people to rent the property.
  • arthur_dent_2
    arthur_dent_2 Posts: 1,913 Forumite
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    If your parents are willing to keep you then it doesn't sound like a bad idea to me.
    Loving the dtd thread. x
  • diesel9181
    diesel9181 Posts: 203 Forumite
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    i know a guy that does this with a couple of places. great idea if you get on with your family. then when your ready its there for you. good luck :)
  • Meatballs
    Meatballs Posts: 587 Forumite
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    Woody, you can advertise in your local papers, and there are a number of online places that advertise such as gumtree.com

    Put notices at the supermarket/local shops etc.

    You can pay a letting agent to find someone for you, or you can pay them to find someone and manage the property.

    They'll take a larger share of the money if they manage it for you.
  • silvercar
    silvercar Posts: 46,962 Ambassador
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    Only a few mortgage lenders will lend you money on a buy-to-let if you don't own a property of your own. Not impossible to do but restrictive.
    I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, mortgages and student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • margaretclare
    margaretclare Posts: 10,789 Forumite
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    Will you not have to pay your parents for allowing you to live at home? If so, you'll be paying for 2 homes. If they agree to allow you to live at home for free, more fools them.

    Margaret
    [FONT=Times New Roman, serif]Æ[/FONT]r ic wisdom funde, [FONT=Times New Roman, serif]æ[/FONT]r wear[FONT=Times New Roman, serif]ð[/FONT] ic eald.
    Before I found wisdom, I became old.
  • **woody123**
    **woody123** Posts: 598 Forumite
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    I don't live at home for free i do pay my parents some money every week. It was just a thought while i was still single if i could get a mortgage by myself that is..

    Thanks for all your comments
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