Buy to Let purchase – financial advisor says NoMake Text Bigger
I am thinking about buying a refurbished property originally valued at £680,000 for £635,000 and now have a purchase dilemma.
The rental is circa £1850 which provides a decent yield. The thing is the Stamp Duty is £40,000 which is a significant up front investment.
My Financial Adviser is advising against buying more rental property and believes I should invest the deposit money elsewhere.
I believe that in 5 to 10 years the property will be worth £700,000 or more and I will have received the rental income (its a strong rental location).
It is going to take all my spare cash to buy it.
What are the risks?
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