UK : Suppose you have a good salary , a nice deposit and alternative sources of income access to a halal mortgage.
Would you prefer to :
option 1 : a house in a student area (so basically the rent is guaranteed) outside of London , averaging a profit of roughly 600-800£ a month (your mortgage is paid through their rent and you get 600-800 monthly on top)
Option 2 : buy a 2 bed apartment that you like, in London ( 0.3/0.4 miles from station, in a building that’s new and with amenities , and rent out the spare room, and that rent doesn’t fully cover your mortgage ? Renting out both rooms would cover my mortgage + 1.3-1.7k additional roughly.the con is that it would take me a bit more time to save some extra money that will be needed.
Edit : Mortage for option 2 would be 2k based on my salary, while mortgage for option 1 would be around 1972. I am not gonna buy through any first time buyer schemes . Properties similar to option 2 rent for 4k - 4.5k , while properties similar to option 1 rent for half of it.
I am not sure what’s better really
Would you prefer to :
option 1 : a house in a student area (so basically the rent is guaranteed) outside of London , averaging a profit of roughly 600-800£ a month (your mortgage is paid through their rent and you get 600-800 monthly on top)
Option 2 : buy a 2 bed apartment that you like, in London ( 0.3/0.4 miles from station, in a building that’s new and with amenities , and rent out the spare room, and that rent doesn’t fully cover your mortgage ? Renting out both rooms would cover my mortgage + 1.3-1.7k additional roughly.the con is that it would take me a bit more time to save some extra money that will be needed.
Edit : Mortage for option 2 would be 2k based on my salary, while mortgage for option 1 would be around 1972. I am not gonna buy through any first time buyer schemes . Properties similar to option 2 rent for 4k - 4.5k , while properties similar to option 1 rent for half of it.
I am not sure what’s better really