First time buyer - looking to rent out rooms

jack5r

Hmm so BTL and rent out both rooms instead. That would yield a greater income but then would I not need to pay full tax on both tenants and capital gains upon sale? The initial fees when I looked into seemed to be around 4-5k.

We want low risk. We are not a wealthy family and will never see anything like this amount of money again. This lump sum is a one off and will be gifted. I will be giving my dad money each month so his pension is equal to his previous expenses/income.

hazyjo

If you want low risk, property (in the short term) is most definitely not the answer.


Some on here (and elsewhere) are adamant the market is falling and about to crash.


Who do you believe? In truth, nobody, as nobody knows, we can only predict. Obviously someone will be right, but is that luck, knowledge for foresight? Who knows, as they will all argue their case differently if their 'truth/knowledge' is right


Jx

Kynthia

There isn't a legal definition of what your main residence is. However some say it's a judgement based on a variety of factors such as:

Where you spend the majority of your time/nights Where your belongings are kept Where you pay living costs Where friends and family expect to find you Where your post goes Where you're registered for your vehicle/insurance/bank/electoral roll If you pay council tax Do you regularly stay anywhere else that could be found to be your main residence

I believe it's possible to go travelling and your home to remain your main residence in your absence. This is because no - where else is your main residence if you are genuinely only travelling rather than have moved abroad, and you intend to return after a set period of time. Therefore you would still have your belongings there, have it as your address and where you are registered, pay rent/mortgage and bills, etc.

jellie

jack5r wrote: »

This lump sum is a one off and will be gifted. I will be giving my dad money each month so his pension is equal to his previous expenses/income.

So your dad is giving you some money which you will use as a deposit for a flat. You will give him money each month to make up his income. He could however just use the lump sum to live on, but can't because he has gifted it to you.

Sounds like you are repaying the 'gifted' deposit.