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Buying house for son to rent
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MaybeMaybenot wrote: »Your response is the reason I've posted on here, thank you. Want to ensure that we are putting our money in the best place possible and as people always say property is a good investment (and our son will rent for a very long time) seemed like the best option. You have given me things to think about, thank you
Uninformed people looking backwards say that. People who look at the current position, laws, new taxation rules, and the personal circumstances of the investor, may have a very different opinion.
It may be a good investment, it may be a terrible one. I was a LL in a similar position to you, eg it was done for family reasons, and the hassle factor was very high. Regulations, tax, repairs (maintenance on one's own house is aggravating, you immediately double that), paperwork. There were no issues whatsoever with the relative but the extra trouble of owning a second house was bad enough. Now add on all the potential issues raised by others.
And that was before the extra SDLT tax and new rules came in. And, none of us are getting any younger. Do you fancy dealing with it in your 70's and 80's? I'm glad to be shot of it.0
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