My situation is as follows:
I have 280k. I'm currently renting a house with my partner. Im looking to buy a house at the moment and am bidding on one for around 200k. I originally wanted to spend the whole lot on a better house but this one for 200k looks to suit us. The house isnt as big as i originally wanted, but in a good area, close to work and at a good price. Theres currently no children and no plans for them for a good while yet.
I'm trying to decide if I should go for this house and invest the other 80k in a rental property. I was thinking of looking for an apartment worth around 120k, getting a 40k mortgage as this would be the best bet tax wise? Then in 5-10 years time when we should both be earning considerably more buying a bigger house in a better area, should we need it.
Financially, does this sound like a good plan? Would I be better of using the 280k to buy a bigger house now? I'm going to look into buying shares also, but I'll have to seek advice as I haven't got a clue about them.
I have 280k. I'm currently renting a house with my partner. Im looking to buy a house at the moment and am bidding on one for around 200k. I originally wanted to spend the whole lot on a better house but this one for 200k looks to suit us. The house isnt as big as i originally wanted, but in a good area, close to work and at a good price. Theres currently no children and no plans for them for a good while yet.
I'm trying to decide if I should go for this house and invest the other 80k in a rental property. I was thinking of looking for an apartment worth around 120k, getting a 40k mortgage as this would be the best bet tax wise? Then in 5-10 years time when we should both be earning considerably more buying a bigger house in a better area, should we need it.
Financially, does this sound like a good plan? Would I be better of using the 280k to buy a bigger house now? I'm going to look into buying shares also, but I'll have to seek advice as I haven't got a clue about them.