Should I buy?

wicksie_2

I know the subject is literally subjective but here is the question.

Should I buy the other half of my semi? My neighbours are selling and the price is exactly what we paid for ours 3 years ago (got a good deal on ours), the price is tempting (especially as the house has a much bigger garden) though it would involve selling our flat that we rent out.

If my sums are correct sell flat and sub the extra 60k - then rent out one of the semi's initially but down the road convert both to one 3 storey 5 double bedroomed georgian style town house 12 miles from a major Georgian city.

Both my wife and I are in stable jobs that we have full trust in for its longevity so the question really is is this a good time to jump from the flat to the other half of our house? At least we would control the neighbours and be able to oversee our investment.

Any thoughts on this would be GRATEFULLY received.

PasturesNew

If you can afford it, I'd be tempted to go for that.

tessie_bear

id do it...we always hoped the other half of our semi would sell but they didnt so we bought a detached house but i think it would be a brilliant project if u can afford it....good luck

thebaldwindowfitter

yes i dont see why not if the rent you would get would cover the mortgage on the property .you might be better renting your semi and staying in the other otherwise you would need a buy to let mortgage where the interest is higher .you can also be getting things ready for your long term plan in the house which probally is not decorated to your taste anyway

wicksie_2

So far, very encouraging, moving into next door would be the obvious point so thanks for that, there is even the added bonus of the current neighbours needing to rent for a while and they could even be the first tennants! Blimey, i'd better do some totting up - what a helpful bunch you are

thebaldwindowfitter

you could also agree a reduction on the house based on them being a tennant ie if they rented it for 12 months deduct this from the asking price and that way you wouldnt pay tax on the rent

QTPie

wicksie wrote: »

So far, very encouraging, moving into next door would be the obvious point so thanks for that, there is even the added bonus of the current neighbours needing to rent for a while and they could even be the first tennants! Blimey, i'd better do some totting up - what a helpful bunch you are

It is probably an opportunity that wont come up very often...

We actually sold our last house (a mews house IN a "major Georgian city" - so we are probably neighbours!) to our neighbours. We were incredibly lucky: they had approached us a year or two before we wanted to sell and said "if you ever want to move, talk to us first!". When we did want to move, we did speak to them first. We got a few (wildly differing!) quotes and agreed a price with the neighbours. They bought it, we didn't have to go through an estate agent, everyone was very happy. They knocked through from their 2 bed mews house to ours and now have a lovely house.

If you decide to do it, good luck

QT

wicksie_2

Thank you for your comments above, I have taken the plunge to contact my broker and see what happens...I will update the thread as time goes on

Cheers