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What to do?
Bibbs77
Posts: 7 Forumite
I currently own a flat with my partner and have 38K still to pay on mortgage (flat bought for 72K). We are thinking of buying another house and renting out the flat.
Does it make more sense to put savings towards a deposit on new place or pay off mortgage on the flat.
We have around 20K already and another 25K+ from inheritance due in the next year?
Advice much appreciated.
Does it make more sense to put savings towards a deposit on new place or pay off mortgage on the flat.
We have around 20K already and another 25K+ from inheritance due in the next year?
Advice much appreciated.
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Comments
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If you do you must run it as a business.I currently own a flat with my partner and have 38K still to pay on mortgage (flat bought for 72K). We are thinking of buying another house and renting out the flat.
Does it make more sense to put savings towards a deposit on new place or pay off mortgage on the flat.
We have around 20K already and another 25K+ from inheritance due in the next year?
Advice much appreciated.
Work out your potential costs against projected income & you can see an idea of profit margin. Look at similar properties in the area & find out the rental value from them.
N.Never be afraid to take a profit.
Keep breathing. :eek:
Just because I am surrounded by FOOLS does not make me wise. :j0
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