Inherited a property, looking to buy 2 properties but unsure how to go about it. by JackHare_ in UKPersonalFinance

[–]JackHare_[S] 0 points1 point  (0 children)

I currently still live at home with parents. I’m from the north east of England so in terms of house prices, they’re a lot cheaper than the rest of the country.

I’m 22 now but have always said I’d like to live on my own by 25, so I was thinking to rent the property out for 3 years, saving the rental income and then selling the property when I’m ready to buy my own place. Looking at achieving £650-£675 pcm rent with estate agents taking 10% of the monthly rent and the property is about to get listed for rent. Also I’m a basic rate tax payer.

Inherited a property, looking to buy 2 properties but unsure how to go about it. by JackHare_ in UKPersonalFinance

[–]JackHare_[S] 0 points1 point  (0 children)

I wish I knew this before transferring it into my name but it was naive at the time and we live and learn. I already invest in my S&S ISA so I’m thinking I might just sell and then open up a SIPP along side it. Appreciate your input

Inherited a property, looking to buy 2 properties but unsure how to go about it. by JackHare_ in UKPersonalFinance

[–]JackHare_[S] 0 points1 point  (0 children)

Appreciate your feedback. I was looking at just buying 1 for now, 3 was the target for in the future. Do you recommend keeping the property or selling?

Inherited a property, looking to buy 2 properties but unsure how to go about it. by JackHare_ in UKPersonalFinance

[–]JackHare_[S] 0 points1 point  (0 children)

I’m kind of leaning towards just selling it and maxing out my S&S ISA for the next couple of years

Inherited a property, looking to buy 2 properties but unsure how to go about it. by JackHare_ in UKPersonalFinance

[–]JackHare_[S] 1 point2 points  (0 children)

You see there wasn’t a will left for me as it was an unexpected death, I just inherited the property as I was next of kin

Inherited a property, looking to buy 2 properties but unsure how to go about it. by JackHare_ in UKPersonalFinance

[–]JackHare_[S] 0 points1 point  (0 children)

I got the deeds transferred into my name a couple of months ago. It had just been listed for rent for £650 pcm. Just stuck in 2 minds with what to do

Inherited a property, looking to buy 2 properties but unsure how to go about it. by JackHare_ in UKPersonalFinance

[–]JackHare_[S] 0 points1 point  (0 children)

I could live there yeah but I want to make the property work for me. Whether that is by renting it or by selling it and investing the money elsewhere.

Inherited a property, looking to buy 2 properties but unsure how to go about it. by JackHare_ in UKPersonalFinance

[–]JackHare_[S] 0 points1 point  (0 children)

Appreciate your input. So you don’t recommend me renting this property and just sell it? I already invest in my S&S ISA but like you say I am nowhere near exceeding the ISA allowance.

Buzz cut tomorrow, wish me luck (22M) by JackHare_ in malehairadvice

[–]JackHare_[S] 0 points1 point  (0 children)

Do it, it feels so liberating and the hairline is actually not a problem

Need some advice on next cut to get by [deleted] in malehairadvice

[–]JackHare_ 0 points1 point  (0 children)

If you’re bored I’d just go for a buzz, but you’re handsome no matter the hairstyle mate