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I lived with room mates for nearly 20 years. I would have made a lot of money if I bought with them instead of renting, so I can see the benefits of this.
by rb808 8y ago
I lived with room mates for nearly 20 years. I would have made a lot of money if I bought with them instead of renting, so I can see the benefits of this.
- m-i-l 8y agoOr instead of buying with them, you could have bought yourself and rented to them. This is what I did for the first approx 10 years of property ownership. My first place was even just a 1 bed flat, but had a separate kitchen, so I was able to rent the living room as a second bedroom. At the time, the rental income was enough to pay the mortgage, and tax free under the "Rent A Room" scheme[0]. From some quick calculations, I think this is still a viable approach, although the rental income is unlikely to pay the full mortgage now, and some of the income is likely to be above the tax free threshold. [0] https://www.gov.uk/government/publications/income-tax-rent-a-room-relief/income-tax-rent-a-room-relief https://www.gov.uk/government/publications/income-tax-rent-a...
- gnulinux 8y agoDid you live with the exact same set of roommates for 20 years though? And there was no risk of this arrangement changing 20 years prior to this?