DH and I are jointly due to inherit some money from a relative's will which we have decided to invest in a rental property. We have some other savings to add to the inheritance but would probably need a mortgage on top of about 30-50k
One option is to buy somewhere near home, which would have to be a one bedroom flat for the money. The other option would be to buy the relative's house by buying out the others in the will. This is a 3/4 bedroom chalet bungalow around 2 hours drive in another county. The rental income would be about the same. There might be a bigger market for the flat but I'd research the rental potential of both.
DH wants to go for the flat as it's the easy option but I can't help thinking we are missing out on the opportunity to keep the house. It's freehold, established, in a really nice area and is a 'known quantity'. It would require a bit of modernisation but its really only cosmetic. What would any more seasoned investors amongst you think was the better option? DH says the distance puts him off if something were to go wrong, but it's only a couple of hours.
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10 replies
adreamoftoyland · 13/09/2016 10:09
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