Hi Focal,
My intention is to use the rental income to offset my new mortgage. Overall I will not be making any money as I will now have a mortgage but having the two properties will only be costing me around £300 in mortgage costs.
Yep I agree and the agent even made it clear that I will have to allow £200 - £300 yr to cover for maintenance etc.
For sure I will insure the building itself, but when he says damage he means beyond normal wear and tear, now I know this could be subjective, but things like doors being hole and the such is what he means. For my property approx 300 photos would be taken for inventory !
The intention would be to pay off any mortgage as soon as I could and if things go Ok I reckon I could do it within 10yrs by over paying. I would then have two properties no mortgage and the other (current) house can be split between my two chidren in whatever way is most efficient when the time comes.
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