Should I get out of buy to let and get my own place?

ttaylor

I am after sensible advice, I currently let out a flat as I live for nothing at my parents (they are happy with this), except for buying food and doing chores.

As I'm in my mid 30s I feel it's probably time I had my own place but I'm in two minds he to go about it.

My dad thinks I should keep the buy to let and possibly buy another with the equity as I have about 50% paid off now and let these properties pay for themselves until I retire and live off the income and not worry about a pension. So that would mean renting for myself.
My mum's advice is own my own place and don't rent.

On the other hand some people have said sell it and just put my equity into a place to live myself.

Any views on this?

Mojisola

ttaylor wrote: »

I am after sensible advice, I currently let out a flat as I live for nothing at my parents (they are happy with this), except for buying food and doing chores.

As I'm in my mid 30s I feel it's probably time I had my own place but I'm in two minds he to go about it.

My mum's advice is own my own place and don't rent.

Is she really happy with having an adult child living with them?

Is this a hint that you really should be moving out?

ttaylor

No she's happy for me to stay just says make sure you own a house instead of renting one. As I own the one she's happy about that despite it being let out.

agrinnall

The purchase of your own property will attract the additional 3% SDLT if you don't sell the rental property first, so remember to factor that into your affordability calculations.

tacpot12

If your parents are happy with you living with them, buying another BTL is a viable option. You already know what is involved in being a landlord, so if you can find a mortgage and a property to BTL, then I would say go for it. You could always buy a property that you wouldn't mind living in as this will give you some flexibility if things change at home.