I know this ones been asked but damned if l can find it .
A friend rents a place on the beach he could never afford and doesn’t want to move .
Wondering if he could get the money for a cheap IP instead and if he bought an IP would that hinder him buying his own place later on ?
His on about 40 p/y but has no debts and about 10 grand deposit.
I’m sure I did read somewhere that it was easier to buy an IP than a place of residence but it could effect you financing your own place later unless the numbers are v/good , could be wrong !Cheers
Sometimes an IP is easier as you can factor the rent into the deal.
Building an asset should help him buy his own home in the medium term but there is no hard and fast answer I can give.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by Mortgage Hunter:Sometimes an IP is easier as you can factor the rent into the deal.
Building an asset should help him buy his own home in the medium term but there is no hard and fast answer I can give.
Cheers,
Simon Macks
Residential and Commercial Finance Broker[email protected]
0425 228 985Thanks Simon .
That’s about what l thought.Cheers
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
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