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Buying a flat to lease while living abroad
Alcastar
Posts: 1 Newbie
I'm 29 years old with a salary of 35k, currently renting in Leeds city centre.
I've reached a stage of my life where I have two major ambitions for the next couple of years.
1) To get on the property ladder
2) To go and live abroad (in Sweden) for at least 1 year, possibly longer depending on how I take to it.
Both of these things will cost money, though my goal is to move to Sweden for a job opportunity rather than to study, and I'd be looking around the same or equivalent salary, so hopefully once settled I'd not be hemorrhaging money.
Buying in Sweden is notoriously difficult and probably not my most realistic option at this point. My flat in Leeds is a spacious one-bedroom with a Balcony, in a good location. My thought is that I could buy something similar in the area and rent it out while I live abroad. I don't anticipate making much profit on this, but if it paid for itself I'd be happy.
I'm single and don't anticipate raising a family in the future, and living in a city centre flat suits me. So I'm not terribly concerned about my priorities drastically changing.
So my question is, am I being realistic in thinking I can make these two goals work more or less simultaneously? Or would I be wiser to put buying on the back burner and focus on the move for now? I'm conscious of not waiting too long to be on the property ladder, but I also don't want to put my life on hold just for the sake of owning my own home.
I've reached a stage of my life where I have two major ambitions for the next couple of years.
1) To get on the property ladder
2) To go and live abroad (in Sweden) for at least 1 year, possibly longer depending on how I take to it.
Both of these things will cost money, though my goal is to move to Sweden for a job opportunity rather than to study, and I'd be looking around the same or equivalent salary, so hopefully once settled I'd not be hemorrhaging money.
Buying in Sweden is notoriously difficult and probably not my most realistic option at this point. My flat in Leeds is a spacious one-bedroom with a Balcony, in a good location. My thought is that I could buy something similar in the area and rent it out while I live abroad. I don't anticipate making much profit on this, but if it paid for itself I'd be happy.
I'm single and don't anticipate raising a family in the future, and living in a city centre flat suits me. So I'm not terribly concerned about my priorities drastically changing.
So my question is, am I being realistic in thinking I can make these two goals work more or less simultaneously? Or would I be wiser to put buying on the back burner and focus on the move for now? I'm conscious of not waiting too long to be on the property ladder, but I also don't want to put my life on hold just for the sake of owning my own home.
0
Comments
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As a general rule of thumb, in order to get a BTL mortgage you need to already own your home, and the rent on the BTL property should be at least 125% of the mortgage repayments. A deposit of at least 25% is also usually required. A broker will be able to explore your options more though.
See also:
New Landlords
Letting Agencies
Look into the implications of being an overseas LL as well.0
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