Downsizing to buy to let property

penwise

Was thinking of buying a property to rent out but also picking this property with a view to downsizing to it and selling my current home in later years ( in 15 yrs or more).
I am in current Home 9 yrs.

Does this sound like a good idea ?

Is there anything I should consider good or bad about this

Thanks

Lord_Baltimore

Well, it's a plan but you become a landlord which can be demanding if you do it yourself and expensive if you don't. I'm not saying your plan can't work but you need to go in with your eyes open.

There's a thread here by G_M that details your responsibilities as a new landlord - it is a must for you.

I will try to find the link.

Ok, here you go link

Pixie5740

Here's GM's link:


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


It should be made a sticky.

Jeff_Djevdet

Seems ok to me although your requirements could change over such a long period. There may be tax issues so speak to an advisor before you do it.

penwise

Thanks for the replies - I'll read the links as suggested.
I think if I liked the property and thought I will one day live in it I would be happier maintaining it etc.

I don't want to go big time into this just weighing my options for retirement and trying to spread the risk.

I was also thinking of converting my garage and renting it out to a lodger under the rent a room scheme .

Lord_Baltimore

Pixie5740 wrote: »

Here's GM's link:
http://forums.moneysavingexpert.com/showpost.php?p=41160642&postcount=12
It should be made a sticky.

Agreed . I've pm'd the mods. I'm sure GM will be ok with this.

Pixie5740

That must be a first :beer:

Lord_Baltimore

Pixie5740 wrote: »

That must be a first :beer:

Sticky now added by very kind moderator MSE Andrea :beer: