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Thinking of buying after uni

fasttalkerchat · 2012-04-11 15:01:24

My girlfriend and I are renting an appartment close to my university. When I graduate (a year from now) we are considering buying a house in a housing estate in my hometown. Houses there are going cheap (55-60k sterling) and I know the area well. Our plan is to live there for a few months until we have permanent jobs then…

11-04-2012 04:01PM

#1

fasttalkerchat

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My girlfriend and I are renting an appartment close to my university. When I graduate (a year from now) we are considering buying a house in a housing estate in my hometown. Houses there are going cheap (55-60k sterling) and I know the area well. Our plan is to live there for a few months until we have permanent jobs then we will find a family to rent out to long term and we will rent a house ourselves. Possibly buy another house in a few years.

Mortgage repayments on a 20 year mortgage would be 295 per month. Rental income would be 400 per month. Rates are approx 500 per year. I have not allowed for tax or repairs/maintainance etc. The house is currently in good condition with fairly new appliances since it was an ex-council house. I am working on the assumption of full occupancy and can factor this in later.

Could someone give me an estimate of what I should allow for taxes and additional costs.

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