Well
Just looking for some opinions on my current situation
In 2005 I bought a nice little house. It was actuallly a foolish decision as I didn't live there very long before realising that the area, although nice, wasn't for me - but I guess I was tired of renting (and house sharing) and wanted to have a bit more control of my environment.
Anyway I didn't stay there long as I found it quite lonely - moved out shortly after and rented it out. Now it's not a bad house, I've had quality tenants there, the rent has pretty much paid the mortgage and I'm not in negative equity yet. (This is partly because I came into some money which helped me to buy the place)
I have however invested quite a bit of money into improving the place which has not been reflected in the capital value.
To be honest, I don't see myself living there again unless I have no choice.
I suppose my thinking is to stick with it for the long haul, have the tenants pay my mortgage (I'm a very decent and conscientious landlord by the way) and hopefully at some stage down the future be able to sell it and hopefully make some sort of profit off it.
However, I have been renting since and am again quite tired of it and have started looking at places on myhome and daft.
I have a fairly secure job, am generally financially astute (apart from buying that house), have saved up decent amount in the past 4 years.
So I am thinking of buying again, not right now but maybe in a year or so, depending on the market. I will therefore be getting into a situation where I have 2 mortgages. Am I crazy? Should I be shaken roughly and told to cop myself on?
The thing is, my current thinking is to keep the house I bought as an investment for the long term (min 10 years I'd imagine).
I really don't want to live in rented accommodation for that long myself. (I don't think that renting dead money or anything - but I'm just tired of somebody else having so much control over my environment)
The other option is sell the first place, chalk up the money I invested to experience (as I said currently not in negative equity), and try to buy another place with the freedom of no other mortgage. (again I'll be pretty patient about buying)
Any advice, thoughts, opinions???
Thanks
Just looking for some opinions on my current situation
In 2005 I bought a nice little house. It was actuallly a foolish decision as I didn't live there very long before realising that the area, although nice, wasn't for me - but I guess I was tired of renting (and house sharing) and wanted to have a bit more control of my environment.
Anyway I didn't stay there long as I found it quite lonely - moved out shortly after and rented it out. Now it's not a bad house, I've had quality tenants there, the rent has pretty much paid the mortgage and I'm not in negative equity yet. (This is partly because I came into some money which helped me to buy the place)
I have however invested quite a bit of money into improving the place which has not been reflected in the capital value.
To be honest, I don't see myself living there again unless I have no choice.
I suppose my thinking is to stick with it for the long haul, have the tenants pay my mortgage (I'm a very decent and conscientious landlord by the way) and hopefully at some stage down the future be able to sell it and hopefully make some sort of profit off it.
However, I have been renting since and am again quite tired of it and have started looking at places on myhome and daft.
I have a fairly secure job, am generally financially astute (apart from buying that house), have saved up decent amount in the past 4 years.
So I am thinking of buying again, not right now but maybe in a year or so, depending on the market. I will therefore be getting into a situation where I have 2 mortgages. Am I crazy? Should I be shaken roughly and told to cop myself on?
The thing is, my current thinking is to keep the house I bought as an investment for the long term (min 10 years I'd imagine).
I really don't want to live in rented accommodation for that long myself. (I don't think that renting dead money or anything - but I'm just tired of somebody else having so much control over my environment)
The other option is sell the first place, chalk up the money I invested to experience (as I said currently not in negative equity), and try to buy another place with the freedom of no other mortgage. (again I'll be pretty patient about buying)
Any advice, thoughts, opinions???
Thanks