New Home Owners And Snagging Forum
Home Owners => Buy To Let => Renting => Topic started by: The Brickkicker on June 09, 2011, 06:38:28 pm
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Anyone wondering where to put there money these days is faced with a real dilemma , but property will always be a winner in the long term if you follow the basic rules
The basic initial question is to decide what sort of landlord you want to be ..then
1. Buy in the right location
Cities like Manchester , Leeds , Birmingham are over stocked with apartments so unless the property is prestigious ..stay away.
Instead go for second and third tier cities ...and look to the north if you can buy 2 bed houses where they are still being built.
2. Buy at the right price/ negotiate! - not always the same thing.
3. Ensure that your price paid / deposit to yield ratio is good and protects you from any short term changes ..like a rise in rates
4. Be picky about who you rent too
I have a policy of no one under 50 .....but often get surprised , but my general rules are worth sticking too
5. Property is easy to buy and takes forever to get out of .....this is a medium/long term investment ...don't think otherwise or you will be disapointed
6. Get properly insured ....proper buy to let insurance
That's it really I am sure others will have useful nuggets of advice ...but I just stick to the basics
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Or you could buy GOLD from Bullion Vault and watch it's value go up and up over the next five years and save yourself a load of hassle.
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Sounds good advice to me Brickkicker.
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There was an article in the Mail On Sunday last week on Buy-to-Let.
A landlord said that, despite current high rental yields, overall she was "just covering costs" on her rental portfolio.
She also said that one of her properties needed "£1000 of refurbishing" after one tenant left,
leaving the property unoccupied with no rent coming in whilst the work was been done.
It is not called "buy-to-regret" for nothing!
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Prophet says:
"if you you want to make a Profit, stay away from Buy-to-let!"