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Rent out and buy or buy
ovy_2
Posts: 52 Forumite
Hi all
I currently own an apartment, which is worth £110k (no mortgage) which I live in at the moment.
In two years time I wish to move out and buy a bigger house.
By the time 2 years has passed I'll have about £30k saved.
Which option is best?
Sell up and put the £140k towards a purchase.
Or
Rent the flat out, going rate is £500-£550 (minus fees etc) and use the £30k towards a house as a deposit, and use the rental income towards overpayment on the mortgage?
I currently own an apartment, which is worth £110k (no mortgage) which I live in at the moment.
In two years time I wish to move out and buy a bigger house.
By the time 2 years has passed I'll have about £30k saved.
Which option is best?
Sell up and put the £140k towards a purchase.
Or
Rent the flat out, going rate is £500-£550 (minus fees etc) and use the £30k towards a house as a deposit, and use the rental income towards overpayment on the mortgage?
0
Comments
-
I suspect it's best to take the decision in two years time - who knows what house prices and rental yields are going to be like then.0
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