Let to rent

jamels2

I own a maisonette i let out where the tenant is settled and i dont especially want to live in it myself.

I dont really know what i want except my own place now as i live at my dads. I am considering just renting a small place and leaving my maisonette let out.

Later on when i know exactly what i want i would then sell the maisonette and buy the place i want to live.

Is this sensible? My other option would be stretch myself and buy a second property but i feel like with my budget i would be compromising on the second property. I doubt i can afford something i really like.

With renting if i dont like the place or area i an only commited for six months. Views welcome.

Pixie5740

Have you not made a decision yet? You've been asking more or less the same question since 2012.

https://forums.moneysavingexpert.com/discussion/4439875

https://forums.moneysavingexpert.com/discussion/4824081

https://forums.moneysavingexpert.com/discussion/5616836

Did you ever extend the lease or is your BTL still a depreciating asset?

jamels2

Hello pixie, i have now extended the lease to 150 years.

saajan_12

How long do you expect this situation to continue? Letting a property and renting yourself is an inefficient way to do things because

-> Paying tax on maisonette rent income but you have to pay gross rent yourself.
-> Hassle if either property has repair issues: have to report and wait for LL to carry out repairs on your residence, and have to liaise with tenants to get a access etc for repairs on let property, rather than just deciding what's necessasry and effecting repairs when it suits you as an owner occupier.
-> Deposit registration responsibilities and need to prove deductions on let property while potentially having to chase deposit return with your LL.

IF you plan on selling anyway, I would just sell now, and be in a position to buy with no chain when you know what you want.

jamels2

Hi my only concern with that is i honestly dont know where or what i want to live in. I feel if i sell now i may still end up renting first until im sure of somewhere i want to buy.