Second home

[Firstimemam]

Hi everyone,

We live in London and have over 50k saved. I would like to invest in a second property but it's not possible in London.

Does anyone live up north and would know where a good place where to invest in a property? I would like to rent out the property after purchase.

I was not born in the UK, so for me it's like pointing my finger on a map thinking: is this a good place? Im from Germany and have been here for 10 years. I wanted to buy a property in Germany but unfortunately, I cannot as I earn £ rather than € and apparently that's a problem.

Are you thinking to let out or use as a holiday home?

If letting, then think about the costs as tax relief has been restricted in loans now. Also renting out can often mean harder wear so the property needs to be renovated and decorated with this in mind. If you have an agent to manage it then that will add costs, and when it needs repairing they usually use their own contacts who normally charge silly amounts

The best way is somewhere that you can travel to and manage issues yourself which will cut costs, but think about what would happen when you are away

Would the midlands be a good compromise so you could get there?

Also, if you go ahead I strongly recommend a no pets policy. Most landlords now are doing it as they basically trash the house, make them smell which gets in the carpets and furnishings.