Newbie query - buying second property next to place of work (avoid double stamp duty)

[powerbook]

Hi

New to contracting, my first year, but really enjoying it and wish I made the move 10 years ago <sigh>!

I currently rent a room for £500/month close to office where I stay 3-5 nights a week.

I will be starting a new contract in 2017 which again is far from my family home which I own with my wife.

Instead of renting another room am I able to:

1. buy a second property close to office and avoid the double stamp duty?
2. rent out a second room to a lodger?

Thanks for some advice please

[NotAllThere]

Don't forget to ask your accountant!

Who will be buying the second property? You or your company - assuming you are a ltd co contractor? If your company you need to consider BIK.

I can't see any reason with either scenario why you wouldn't be able to rent a room to a lodger.

[northernladuk]

You are gonna end up with a lot of houses if you dont get extensions.

[ChimpMaster]

1. No
2. Yes

You might consider a 3rd option: Rent to rent. This has to be agreed with the owner of course.

[eek]

1. No
2. Yes

You might consider a 3rd option: Rent to rent. This has to be agreed with the owner of course.

Well you could pay corporate rate stamp duty if the company bought it*


* guess what the corporate rate includes