We have c. £230k in equity from the sale of our property (after fees).
We can lend £415k + deposit on top.
We are North and looking at Northumberland coast.
Ideally would like something to give us income each month, but also something that won't lose value/ would maintain value in future. (We were originally looking at buying a b&b but this idea has gone to flop for various commercial borrowing issues).
Would you:
Buy a house with mortgage of c. £350k using the minimum deposit of 10% (plus stamp duty). Buy a holiday let with remaining equity.
Or:
Buy a bigger house of £600k with land/ outbuildings and convert the outbuilding into annex/ holiday cottage. And /or potentially use the land for wood huts/ glamping/ caravans (subject to planning).
I would be running the business side of things whilst hubby carries on with his self employment.
The alternative for us is to begin to flip houses and take the hit on the monthly income but hopefully see bigger returns. We are very handy, hubby is in trades and we have made almost double on our current house by doing this.
Anyone any experience or wise words?
Thanks if you got this far through my waffle!