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Buying in a different area

(6 Posts)
Albatross26 Wed 11-Jan-17 13:38:06

More after advice than AIBU, or wwyd...

So I'm 30 and have lived with my dp in his flat for a few years now. He is the sole owner. Initially I thought we might get married, find somewhere together but that's looking increasingly unlikely as our relationship is not great.

My grandmother is 100 and not too well. When she passes I will inherit half of her house, probably something in the region of 80 - 100 grand although I've no idea how these things work with tax etc. There is no way I could afford to buy anywhere where I currently live in the South, even a room in a shared house to rent would use up most of my salary. I have friends and connections in a city up North and have been wondering about the possibility of buying a small property there whilst still living here. I could rent it out and then have the security of ownership if me and dp split. I've lived in shared housing all my life ad never dreamt I'd ever own anywhere so it feels quite odd.
Does this sound doable?

hellsbellsmelons Wed 11-Jan-17 14:27:56

Sounds very do-able and good sound investment.
Would you ever consider relocating your friends and finding a job etc...?

Elphame Wed 11-Jan-17 14:30:17

Yes but are you prepared for the hassle of being a landlord? Lots of legal responsibilities you have to shoulder even if you appoint an agent to let the place for you ( and they can take a big % for their services)

Then there's tax issues - the additional 3% second property SDLT should you buy with your DP and the problem of voids, tenant damage etc etc.

It's not an easy way to make money any more

Pettywoman Wed 11-Jan-17 14:35:31

Do it, I would. Just make sure you get good estate agents to look after it and read up on the legal side.

Albatross26 Wed 11-Jan-17 14:43:08

Yes being a landlord does sound like a hassle and my worry would be not being in the area if there was a problem. I'd be buying alone not with dp, I don't think he wants the commitment of owning with me! I'd definitely consider moving to that area if we split, I don't have any other family here or a particularly good job (woe is me!)

hellsbellsmelons Wed 11-Jan-17 14:56:11

It can be a hassle but property is usually a very good investment.
Always work towards passive incomes. It's the way forward.

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