Is this madness?

Typhoon2000

Remember that your service charges may include things like insurance and water rates which you need to budget for in a house.

Strapped

Get at least 2 bedrooms and get a lodger.

Strapped

Or - option d. buy this http://www.rightmove.co.uk/property-for-sale/property-36520603.html 3 beds, walking distance of Three Bridges station, guaranteed steady supply of lodgers (air crew) and less than £175k.

(Guess how I financed my first house )

loopy136

It would be wise to look into getting the lodger before you start to struggle, as if you left the idea till you were struggling you may it hard to get things in order,and the income would then be back up savings which are very useful once you own property as there is always something.

Good luck

KnightSmile

Thanks for the advice. I was thinking if I picked option c I could make it a 30 year mortgage which would then work out in total about £650 per month.

thequant

loopy136 wrote: »

It would be wise to look into getting the lodger before you start to struggle, as if you left the idea till you were struggling you may it hard to get things in order,and the income would then be back up savings which are very useful once you own property as there is always something.

Good luck

I think this is very important if getting a lodger is going to facor into your plans. Too many people think their rooms will be easily lettable when in fact they won't. Lodgers by their very nature will be very fussy because of their circumstances. E.g. they will need to be near public transport etc

KnightSmile

Thequant you are right. I will also need to be near a station so hopefully that should make it more likely I will pick a property attractive to lodgers.