Hi - My parents (in their 50s) recently inherited a property, house value 150k and property c. 100k The house needs some work done. In total we (they are going to pass this on to me eventually hence my involvement) reckon that 25k to 30k should do a decent job but we don't have that type of money available and would only really have around 10k available for this project. The eventual plan is to have the house as a short-term rental property and that my partner and I would eventually move there permanently furhter down the road.
We were thinking of boprrowing the difference of 15k -20k.
What should we consider when evaluating mortgages /v/ hpme improvement loans (would we even get the latter???) Can we borrow on a mortgage over say 10 years? Taking my parents age into consideration would this effect our suitability for a mortgage? My partner and I work full-time while my mother works permanent part-time and my father does not work on a full-time basis.
We're not sure which of the two we should be looking at!!!
Any advice appreciated.
We were thinking of boprrowing the difference of 15k -20k.
What should we consider when evaluating mortgages /v/ hpme improvement loans (would we even get the latter???) Can we borrow on a mortgage over say 10 years? Taking my parents age into consideration would this effect our suitability for a mortgage? My partner and I work full-time while my mother works permanent part-time and my father does not work on a full-time basis.
We're not sure which of the two we should be looking at!!!
Any advice appreciated.