I have a relative buying a starter home with her partner. They’ve been in 4 years now and through judicious budgeting, have managed to pay off a much larger proportion of their mortgage than most youngsters at this stage of ownership. They plan to use some of the equity built up towards a mortgage on a much bigger place, without having to sell it, so they can start a rental portfolio. Sounds like a very senisble and middle aged idea – the sort of thing you hear someone on the homes by auction programe on daytime tv.
They have already thought long and hard about what they would need to do to keep it in best rentable condition, what would be involved when becoming landlords etc. The maintenance side hasn’t been overlooked either – plans are afoot to engage a company to oversea regular work to keep their property/ies in best condition throughout. They’ve even had quotes for landlord insurance too. Fantastic!