Rentvesting is a growing trend (Picture: Getty Images)
Despite owning a ‘nice family home’ in Ventnor on the Isle of Wight,Charlie Clark pays £2,500 a month to live in a London rental flat.
‘Ideally,I would like to buy a place in London,but it just feels impossible,’ the 34-year-old tells Metro.
Seeing no way to get on the ladder in the capital where he’s based for work,he used his savings to put down a £40,000 deposit a £180,000 three-bedroom terraced house in his hometown.
In the four years since,he’s been letting it out on a short-term basis through Airbnb,and alongside the rental income,has also built equity,with the property (which hasn’t been renovated) recently being valued at £230,000.
‘I’ve always wanted to have some kind of security,and it was a good opportunity to give myself a bit of a safety net’ Charlie explains.
The CEO of SEO agency Minty Digital is one of an increasing number of rentvestors: homeowners who are tenants themselves,buying property as an investment rather than a place to live.
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He adds: ‘All I’m trying to do is have some stability,I just want the mortgage to be able to be paid so I can build that equity in the background. That’s why I’m doing this rentvestor thing – it’s just like any other savings channel.’
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