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- I have the opportunity to make a move on the property ladder and am considering various options but don't feel well informed enough to make a decision. I have a young family and we are comfortable in a nice home but would like a bigger house as I work from home a lot and would like my own study, plus we would like a second child in the 2-3 years.
- The options as I see them, are:
- 1. Sell our current house (3-bed end of terrace) - currently on the market for £375-400k, and purchase a bigger detached house (5-bed, circa £700-800k). This has been our main focus to date, as it will be a long term family home so I am not overly worried about making profit/loss on the short term.
- 2. Keep our current house and purchase another 3-bed (£300-400k) home as a buy-to-let opportunity with a 20% down payment
- 3. Keep our current house and rent it out, investing in a slightly bigger home (4-bed, say £450-500k, detached or semi-detached).
- This poses several questions I guess - especially with Brexit fast approaching.
- If we are thinking for the long term, what is the best opportunity for us to generate wealth? Should we buy and let out smaller properties to build a portfolio, or buy a nice big, very modern home of our own?
- There is a lot of FUD about Brexit, so if a big dip comes in the market, is it better to buy another property and then sit on it for a few years and make good money?
- ARG! What is the smart thing to do?
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