Owning your own home

^^ fair play - sometimes I think too much but most of the time I do try to adopt that attitude :)

Just read all these other recent comments, and realised that my post probably wasn't the best time to ask questions about BTL.

Sorry.... not trying to stir things up!

Who else thinks people shouldn't be able to rent out a second property? Me too! We should do a march or suttin

I reckon we buy pitchforks and torches and go round Hoops' place.

I'd just like to point out that I have sold London property and moved to Bristol, hence why I am able to afford more with my money....

^^His main residence or his BTL?

I think we have now entered the realm of home ownership. in london, no less.

in a way I am still ambivalent about owning vs renting. we have been very happy renting here - it's affordable and someone else has to deal with unexpected things like a major roof repair. we have been very lucky with our landlord, he could easily make another £300pcm. we have not worried about if/when he will give us the boot in order to sell (he is selling now, and as soon as possible, but simply waited for us to leave).
on the other hand paying rent doesn't invest (not to make money as such, but for future need) - if we were smart about it we could've saved that extra £300pcm (that we will be paying in mortgage repayments compared with rent) and be investing that elsewhere, but we aren't that savvy and property is a good place to put it, anyway.
and, on the other hand, however relaxed our landlord has been, now we get to actually do whatever the hell we like to the place. pictures everywhere! put shelves up! crazy paint colours! an actual real-life garden! I can hardly remember what it's like to be in control of that kind of thing.
I'm feeling a bit overwhelmed. might need breakfastlunch before i go pick up the keys.

Everyone should sell up and move out of london BTW..... £210k for a 2 bed stone fronted victorian terrace with a garden.

Brizzle is high up on my list should I eject from London.

Your stress levels will also drop at a comparative rate to house prices....

Bobby - do you have a decent pension?
Probably not. So you should probably prepare for death by investing somewhere right?

You can still be a decent landlord.

I thought you worked for Dyson, hoops, not the Bristol Development Agency.

I am not an expert, but I would think there may still be money to be made in investing in a flat in London in "normal" zones.

I expect 5% of your profit for this advice.

Or some advice on where near Bath is affordable.Maybe.

Aren't there more sheep than people in Bristol though?
Not sure I could live with that

Aren't there more sheep than people in Bristol though?
Not sure I could live with that

As a Liverpool fan, I thought that would really appeal to you...

Or some advice on where near Bath is affordable.Maybe.
Trowbridge and Chippenham are both much cheaper than Bath, but then you're in Trowbridge or Chippenham.
Twerton used to be the dodgy end of town but more recently has seen more young professionals moving in and is getting nicer. It's about as far out of town as you can get and still be in Bath, but Bath is a small city and you, I assume, can ride a bike so that shouldn't matter too much.

Bobby - do you have a decent pension?
Probably not. So you should probably prepare for death by investing somewhere right?

You can still be a decent landlord.

Have decent pension on the go, although I have only been paying into it for the last 5 years. But if I carry on at the rate I am, I will be 'comfortable' by the time I retire.

I know I may not be obvious in my persona, but I have been working pretty hard for the last 10 years to get where i am in my career!

Your BTL should have enough slack in it to cover you for at last one months no occupancy a year. It can also be tricky to manage a BTL from such a distance. You could buy a 2nd Bristol home and bump the mortgage payments up to the same level as the net income making it very tax efficient. This would reduce your mortgage period and maximise capital growth. When you need to sell it you can deal with capital gains tax and possibly move in to it to avoid it altogether.

Sorry, the BTL will also be in Bristol, by the way, Should have said that.
I'm fucking done with the London game.

I'd buy two properties if I were you.

Have decent pension on the go, although I have only been paying into it for the last 5 years. But if I carry on at the rate I am, I will be 'comfortable' by the time I retire.

I know I may not be obvious in my persona, but I have been working pretty hard for the last 10 years to get where i am in my career!

I know you work hard you wally.
I meant, decent pension plans are hard to come by.

Listen to Dov.

I'd buy two properties if I were you.

Nah. Buy a bigger, more expensive house for you. Sure you get rental income from a buytolet but you pays tax on that, then tax again on the profit when you sell it.

If you buy a big posh house to live in you get to keep all the profit from the growth and you get to live in a big posh house.

Maybe get one with a swimming pool, that would be fuckin sweet.

I dont want a big posh house though.
I want a two bed victorian terrace with a garden, which is what I have just bought.

Capital gains tax can easily be avoided with a bit of effort, and you only pay tax on any profit from rental income.

Can't you just set up a small mortgage now on your new house, then re-mortgage in a year or so to release some funds to get a BTL? Or do the brokerage fees make it not worthwhile? I know very little about this sort of thing though so I suspect there's a reason why this wouldnt work.