Buying a new house, what shall i do with old?

myright

Hi guys

I have a house which i own 100% equity. ( no mortgage).

I am thinking investing another house. What options do I have? or which is the best option? as I will put one of the houses on rent in order to cover the Mortgage on the new house.

I probs can russell up about 15-20% deposit for the new house, by the time I buy it. Not sure of I should either move into the house and put the old house on rent, or do a BTL on the new home once I have larger equity

Yorkie1

I think the first place to start thinking is whether you like the present house you're living in. Is it suitable for your needs, in the right place, needing repair, neighbours you like, nice garden or garage if that is important to you? etc.

If you like where you live, then why move? If you want to move for whatever reason, then that's your focus.

Another thing to consider is whether your current house will rent easily. Good condition, right area, likely to appeal to renters? Perhaps ask a local lettings agency what their opinion is, if you can't judge this for yourself.

Finally as background thoughts, are you willing and ready to become involved in the business of being a landlord? Are you able to withstand the tenant from hell (emotionally and financially)? There are many legal duties for you to comply with.

See this useful post:
http://forums.moneysavingexpert.com/showpost.php?p=41160642&postcount=12

I'm no expert in mortgages, so will leave the regular posters on here to suggest options.

myright

not bothered where i live. and my current house is in good condition. I probs buy another house which is similar in value, which is roughly £120k not too far away.