22 year old wind fall
Discussion
Behemoth said:
Wrong, dead wrong.
If the property contains 3 unrelated people sharing bathroom, kitchen, toilet facilities then it's classed as an HMO.
I was under impression that if you are a live in landlord you are allowed 2 lodgers before HMO comes into effect. Please correct me if I'm wrong.If the property contains 3 unrelated people sharing bathroom, kitchen, toilet facilities then it's classed as an HMO.
gd49 said:
OP I was in a similar situation to you, I had a reasonable chunk of money quite soon after graduating. In my career it's fairly standard to move around in the first few years to gain different experiences. I stuck the money in high interest accounts and ISAs, did a few different jobs and some travelling over 5 years, met someone I liked and ended up buying a property with them. The money I had let us go several steps up the property ladder than we would have done otherwise.
If I had purchased a house earlier, even if it had been to rent out, I'm not sure I would have been quite so willing to move around the country for different roles, and either myself or my partner would almost certainly had to compromise our careers if we'd wanted to live in the house I would have had. I might have done better financially out of it than I did by saving the money in accounts, but if I'd brought badly or being caught out by housing crash I could have ended up much worse off.
I guess what I'm saying is that you don't have to do anything with the money, and you shouldn't consider renting dead money if you aren't ready to commit to an area. You might do very well out of buying but you might not, it's a risk you have to be willing to take.
While I wasn't quite in the same boat, I did something similar. There are clearly differenr ways of dealing with your "problem". I'd agree with the above and I'd also add that this may open the door to much better future earning potential which could easily out do any returns you'd get being tied due to a house. If moving to the States is an option then I'd not want to have to deal with everything which comes with that as well as having a rental house to manage.If I had purchased a house earlier, even if it had been to rent out, I'm not sure I would have been quite so willing to move around the country for different roles, and either myself or my partner would almost certainly had to compromise our careers if we'd wanted to live in the house I would have had. I might have done better financially out of it than I did by saving the money in accounts, but if I'd brought badly or being caught out by housing crash I could have ended up much worse off.
I guess what I'm saying is that you don't have to do anything with the money, and you shouldn't consider renting dead money if you aren't ready to commit to an area. You might do very well out of buying but you might not, it's a risk you have to be willing to take.
As many people have said, give it time and trust your judgement. You may well be one of those people who can manage lots of things at the same time and see the rewards/risk that come your way are justified. On the other hand you may want a relatively easy life.
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