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buy new and rent old or sell up n buy bigger ?
d4gl15h
Posts: 38 Forumite
Hi there everyone just looking for some opinions in what to do with my house!
I have a house what me and my fianc! living with our 2 year old son and 1 year old daughter but its only 2 bedroom, we have move the kids in the bigger room but the house is literally too small!
on our house we owe around 42k left to pay it off in full i have 22k in premium bonds the house its self is only worth around 85k.
i know were i want to be in life and that's a gorgeous estate near mine but at the moment we just cant afford that yet so we will have to make do.
so i have been looking at house's in the area for around 120k as my cash in bonds would cover the deposit so that's not a problem but i dont know if i should sell my house pay the remaining mortgage and potentially have 65ish k to go towards a new house or keep it and rent it out as we have roughly 50% equity in it and just use my cash in the bonds to put down on another house.
i like the idea of having two houses but obviously being a landlord u have a lot of responsibility and i will have a lot to learn but i dont know what road to take........
any input on the above is greatly appreciated
I have a house what me and my fianc! living with our 2 year old son and 1 year old daughter but its only 2 bedroom, we have move the kids in the bigger room but the house is literally too small!
on our house we owe around 42k left to pay it off in full i have 22k in premium bonds the house its self is only worth around 85k.
i know were i want to be in life and that's a gorgeous estate near mine but at the moment we just cant afford that yet so we will have to make do.
so i have been looking at house's in the area for around 120k as my cash in bonds would cover the deposit so that's not a problem but i dont know if i should sell my house pay the remaining mortgage and potentially have 65ish k to go towards a new house or keep it and rent it out as we have roughly 50% equity in it and just use my cash in the bonds to put down on another house.
i like the idea of having two houses but obviously being a landlord u have a lot of responsibility and i will have a lot to learn but i dont know what road to take........
any input on the above is greatly appreciated
0
Comments
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Not knowing the practical side but having read and followed this forum , only you can decide.
If you want to run a business letting your property , make sure you understand everything about it first, risks, legal side etc.
If you don't do it properly it can bite you in the backside0 -
It's not so much wanting to make it a business but just more capitalise on a fairly decent position, but ur right there is a lot to know And it won't be a rash decision but one taken and made over time0
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It's not so much wanting to make it a business but just more capitalise on a fairly decent position, but ur right there is a lot to know And it won't be a rash decision but one taken and made over time
The thing is , it will be a business if you decide to let it out, whether you like it or not.
I read it over and over again on these forums. People letting out their 'other' property and then fall into all sorts of trouble if not done properly.0 -
It's not so much wanting to make it a business but just more capitalise on a fairly decent position, but ur right there is a lot to know And it won't be a rash decision but one taken and made over time
There is plenty of information on these boards about the legal and regulatory compliance issues involved in running a BTL business,as well as on the financial returns you will need to provide to the HMRC
Set against buying a larger and more suitable house in which to raise your family,your choice on the face of it seems to pretty straightforward0
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