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Urgent need of advice, what option..?


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Hello,

I’m after some advise on my strategy. I have 2 options. I currently rent out one property and have done for 5 years. I am currently living in rented accommodation at the moment. What would be the best option without going into too much detail I have summarised the two options below:

Option 1:

> Continue renting out my rental property. 

> Continue living in rented accommodation.

> Buy another investment rental property for around £100k (add money by renovating) and rent out.

Option 2:

> Continue renting out my rental property.

> Buy a house to move into and live in for around £250k (add money by renovating).

I would base the return percentage as being the same for both new properties within the options.

Any advice on the above would help.

Thanks

 

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Hi James,

It sounds like you're in a good position - one BTL under you're belt, and looking to purchase another property!

Its very difficult to advise on the best route, based on such limited information. For example, what are your goals? What are your circumstances? What experience do you have?

Buying your own home means you can leverage higher, i.e. you can put less down (such as a 5% or 10% deposit) on a property. So you're money is working harder for you. 

But if you're buying an investment property, you would be less limited in terms of where you could buy. For example, you would not need to buy somewhere you'd want to live - you could buy somewhere where you'd secure much better returns.

Additionally, depending on your circumstances, it may not make sense to buy a property which is in need of a renovation. There may be other strategies which might suit you better.

Why don't you book a Goals call with a member of the Property Hub team, to explore your options further? The relevant link is here: https://propertyhub.net/goals/

All the best!

Rachel

 

Rachel Watts
Portfolio Manager

https://propertyhub.net/service/invest/

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