I'll try to keep this short. Recently divorced, sold marital home, now renting with DC. Am thinking of buying a 2-bed flat with my half of the equity (max £180k) and renting it out for a while until I know what's happening in the future. I want to future-proof too as I have virtually no pension and won't be able to afford to rent for ever. It'll be my retirement home.
I'm aware of the pros and cons of doing this, but I live in a tourist area which has a shortage of rented properties so hopefully won't have too much trouble renting it out. BUT, is this a mad idea, given I've never been a landlord before, and is it a mad idea to use up most of the equity on a property and have little left in savings?
The alternative is to keep the money in the bank but I'm worried that will start to trickle away if I keep renting. I've made an appointment to talk to an established letting agent next week to get their opinion, but thought I might have some luck here too. Thanks!