Best way to raise money for improvements to second home

Kistelek

AST would suit both parties so not an issue. Just unsure if borrowing more on this property will be cheaper than a separate BTL mortgage?

need_an_answer

BTL is traditionally a higher interest rate so cheapest option may be to borrow against existing family home however each provider is different and some may not lend for the criteria you propose nor will they extend the term beyond retirement age

Check with your lender first and go from there.



Does the inherited property have an emotional attachment at all..either now or going forward?

Kistelek

need_an_answer wrote: »

So its still a third party who you will rent to and have little control over who lives in your property.

As with many things experience is the key and forgive me for thinking you are lacking it at the moment and possibly unwilling to listen to advice.

How am I unwilling to listen? Are you suggesting I uproot my kids in the middle of their GCSE's just to cover the eventuality that a ranking military officer wants to make off with my pipework and kitchen units? Or that I should leave the house to rot empty for 5 years whilst I pay council tax, etc. on it just in case? Patently not. So I'm here for constructive advice.

Were I to be considering letting it to the great unwashed public via a local estate agent I would suggest your comments have some merit but unless some Russian spy wants to come smearing nerve agent around to get at a tenant I can't think of a better rental option.

Cakeguts

Kistelek wrote: »

Think medium/high ranking military jumping out of helicopters, not needy homeless. Local tree surgeon who has cleared some trees recommended them after renting out his grandad's house.

But obviously the devil's in the detail and I would read any contract inside out.

Lots of people with broken ankles who need a bungalow because they can't any longer get up the stairs? :rotfl::rotfl::rotfl:

need_an_answer

Kistelek wrote: »

How am I unwilling to listen? Are you suggesting I uproot my kids in the middle of their GCSE's just to cover the eventuality that a ranking military officer wants to make off with my pipework and kitchen units? Or that I should leave the house to rot empty for 5 years whilst I pay council tax, etc. on it just in case? Patently not. So I'm here for constructive advice.

Were I to be considering letting it to the great unwashed public via a local estate agent I would suggest your comments have some merit but unless some Russian spy wants to come smearing nerve agent around to get at a tenant I can't think of a better rental option.

you seem to think that the higher calibre of tenant will automatically have more respect for your property than the "unwashed public"

I beg to differ as I suspect many LL's would but you clearly know better than those who have been gaining a living for many years as a humble LL with a high street agent.

I wish you and your attitude well going forward...do come back to update us with the progress of this property venture I'm sure its just not me that will find it a good read.


Renting a property out only gives good returns if its done over many years,thats why a lot of folk call it their pension pot or similar.
I wouldn't uproot my family and children in the middle of exams neither would I take on a renovation project that was such a distance away simply because of project managing it from a distance.

I also wouldn't enter the rental market as a LL with the view to giving it up after 5 years.

I would possibly sell the property as it is and look to enhance your current lifestyle in the location you are in now.

but that's just my perspective seen as you asked!

but if there is an emotional attachment to the inherited house then you will want to keep it.
Just don't assume that a high ranking officer has the same high ranking standards or respect for your "second home" when it comes to a place they rent rather than own..it doesn't always follow.
It could just mean that with a higher disposable income they are happier to forgo a deposit and some via a small claim court if needs be after you have chased them for it.

and if you think that Landlord insurance will sort out all your "pear shaped" problems that's probably something else where you really need to read the small print of.

You appear to have taken issue with some of my responses that have been given originally in a constructive manner and you seem to posses a style of writing that at times can seem a little confrontational and challenging in a way that "you clearly know best" so I will now leave it for others to add their thoughts constructively

on this one I'm out