Hi Folks
Was wondering if anyone would be able to provide some advice to me.
i am trying to make a decision on whether to buy a house to rent or to leave my money in a deposit account.
At present i have approx 160K+ in a deposit a/c. I deposited it in Permanent/TSB for 9 month period which is finished in March 2010. As interest rates are pretty low at the moment, i was wondering would i be better off buying some property and renting it out.
I would not need much if/any of a mortgage as with other savings i could possible get together 200K. i have read here previously the dangers regarding buying a house to rent especially if you have to get a mortgage.
I have no mortage on my own home and have money going into pension. Also have small amount of money in Shares (20K).
My understanding would be that if i buy a house and rent it out, it would probably be more finanically benefically to me than leaving in a deposit a/c. The fact that i would'nt be paying money back to the bank and that all rent (except tax payment) would be my own.
The fact that i don't need a mortgage would indicate to me that this is a good idea for me.
Just wondering what people here thought as i am not sure if i am correct in thinking that it is as straight forward a decision as it seems. I'm pretty cautious by nature and looking for some people opinions whom are more experienced in this.
Was wondering if anyone would be able to provide some advice to me.
i am trying to make a decision on whether to buy a house to rent or to leave my money in a deposit account.
At present i have approx 160K+ in a deposit a/c. I deposited it in Permanent/TSB for 9 month period which is finished in March 2010. As interest rates are pretty low at the moment, i was wondering would i be better off buying some property and renting it out.
I would not need much if/any of a mortgage as with other savings i could possible get together 200K. i have read here previously the dangers regarding buying a house to rent especially if you have to get a mortgage.
I have no mortage on my own home and have money going into pension. Also have small amount of money in Shares (20K).
My understanding would be that if i buy a house and rent it out, it would probably be more finanically benefically to me than leaving in a deposit a/c. The fact that i would'nt be paying money back to the bank and that all rent (except tax payment) would be my own.
The fact that i don't need a mortgage would indicate to me that this is a good idea for me.
Just wondering what people here thought as i am not sure if i am correct in thinking that it is as straight forward a decision as it seems. I'm pretty cautious by nature and looking for some people opinions whom are more experienced in this.