Buying a House to Let Straight After Uni
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Buying a House to Let Straight After UniBasically I don't want to move back home (I come from a small village, nothing much there for a young man trying to make it on his own) after Uni. I'm in my 2nd year now at Lancaster Uni and have thought about buying a 2-3 bed house for 100,000 ish, doing it up a bit, putting in an extra bedroom in the lounge, and letting it out to students. I'd have one room for myself.
The plan would be that the repayments, taxes, household bills, would essentially be paid by the tenants, so that all earnings of mine would be my own so I could do what I want and not have to worry about accommodation. Obviously after I've found a proper job, I can let the other room out and use that money how I want.
I was just wondering if anyone else has had this idea, if anyone's done it or knows what I'd have to tell a bank manager in order to get a mortgage? -
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Re: Buying a House to Let Straight After UniI might be able to whip something up. I'm going to start saving more from now on. I might be able to get something from the Bank of Mum and Dad, but I can't count on that. Do you know of any government schemes or alternative financial resources I could get my hands on?
In fairness I think the deposit's going to be the biggest problem -
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Re: Buying a House to Let Straight After UniYou really need to understand house purchase and ownership before you try to take this any further. You need proof of earnings to have a mortgage. The first hurdle is that £25k and that sort of money takes people working full time many years to save up, if at all. The second hurdle is your lack of knowledge of the next level of expenditure - renovation costs. Then you have running costs. Do you know how much Council Tax is in that area? Gas? Electric? Phone line? House insurance? Personal insurance? TV license? How much to budget for running repairs? Landlords inspection certificates for gas boilers? Cost of having an accountant?
All of these need to be taken into your thinking as they are unavoidable costs. Then, how much do you think you can charge? If the numbers don't match....
