Selling one house to buy 2 ( one for rent)

mrbonds

Does anyone have experience of selling 1 house for 2?

Example, house sells for £250k and buy 2 houses near each other for £110k each, live in one and rent the other?  Also £30k leftover before fees.

Thanks 

DE_612183

You'd pay higher stamp duty on the other house, plus you'd have all the expense of being a landlord ( you need to do a load of research on what this entails - it's not just about picking up a cheque every month ) and pay CGT when you eventually sell.

For £110k ( depends on area ) I assume the rental return is not going to be great....

DullGreyGuy

mrbonds said:

Does anyone have experience of selling 1 house for 2?

Example, house sells for £250k and buy 2 houses near each other for £110k each, live in one and rent the other?  Also £30k leftover before fees.

Thanks 

What are your questions?

Are you attempting to make the two purchases simultaneously or intending to buy the one to live in first and then subsequently be a cash buyer for the second property?

fireballpaul

DullGreyGuy said:

mrbonds said:

Does anyone have experience of selling 1 house for 2?

Example, house sells for £250k and buy 2 houses near each other for £110k each, live in one and rent the other?  Also £30k leftover before fees.

Thanks 

What are your questions?

Are you attempting to make the two purchases simultaneously or intending to buy the one to live in first and then subsequently be a cash buyer for the second property?

Would probably be both at the same time but there could be a delay.  If a delay then yes live in one briefly

mrbonds

fireballpaul said:

DullGreyGuy said:

mrbonds said:

Does anyone have experience of selling 1 house for 2?

Example, house sells for £250k and buy 2 houses near each other for £110k each, live in one and rent the other?  Also £30k leftover before fees.

Thanks 

What are your questions?

Are you attempting to make the two purchases simultaneously or intending to buy the one to live in first and then subsequently be a cash buyer for the second property?

Would probably be both at the same time but there could be a delay.  If a delay then yes live in one briefly

No reason to delay long... but would a delay affect things??

fireballpaul

mrbonds said:

fireballpaul said:

DullGreyGuy said:

mrbonds said:

Does anyone have experience of selling 1 house for 2?

Example, house sells for £250k and buy 2 houses near each other for £110k each, live in one and rent the other?  Also £30k leftover before fees.

Thanks 

What are your questions?

Are you attempting to make the two purchases simultaneously or intending to buy the one to live in first and then subsequently be a cash buyer for the second property?

Would probably be both at the same time but there could be a delay.  If a delay then yes live in one briefly

No reason to delay long... but would a delay affect things??

Not sure sorry. 

Yorkie1

mrbonds said:

fireballpaul said:

DullGreyGuy said:

mrbonds said:

Does anyone have experience of selling 1 house for 2?

Example, house sells for £250k and buy 2 houses near each other for £110k each, live in one and rent the other?  Also £30k leftover before fees.

Thanks 

What are your questions?

Are you attempting to make the two purchases simultaneously or intending to buy the one to live in first and then subsequently be a cash buyer for the second property?

Would probably be both at the same time but there could be a delay.  If a delay then yes live in one briefly

No reason to delay long... but would a delay affect things??

It's more complicated to ensure all the transactions occur on the same day for three properties, than it is for two. If you have the flexbility to sell your current property and buy just one on the same day, that would be fewer headaches!