Renting
We have a place in Staines that we have partly rented out. However it can get pretty complex. First of all there are all the issues the? tenants come up with. And believe me they really do come up with some stuff. They start requesting all sorts of items that were not in the flat to begin? with because they thought it automatically came with it! Then they? break things and expect you to replace them. You would think that it would be their responsibility to replace things they break. And then there is the financial side.
You start by getting a buy to let mortgage which expect you to earn 130% of the mortgage payments. Then you need to pay tax on your income. I think it is about 22% of the rental income. So essentially you make 8% which you would think is not bad. Except there is maintenance, breakages and wear and tear. The whole finance is a nightmare. Perhaps I should get myself some real estate software? to manage the finance.
So although It may seem like it actually costs to rent out the place. At the end of the 25 year mortgage, I will hopefully end up with a regular retirement income!