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is it worth becoming a landlord for 12 months or so?
caulfield
Posts: 61 Forumite
hi all, have been looking at buying a house nearby, prices are £60-70k and hopefully there is some flexibility in the price. been wondering if it is a good idea to buy one and rent it out to someone short term? thinking of going through an agent, 6 month lease and renewing it if they dont make a mess of the place or upset anyone, leaving me in a position to live somewhere cheaply and raise some money as a safety net for when i live there.
rents are roughly £400-£500 pcm where 400 will get you a cheap flat, 450 a 2 bed terraced and 500 the pick of the bunch.
has anyone done this and got experiences to share?
rents are roughly £400-£500 pcm where 400 will get you a cheap flat, 450 a 2 bed terraced and 500 the pick of the bunch.
has anyone done this and got experiences to share?
0
Comments
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Do you want a quiet life with no worries & financial security or do you prefer running big risks for some possible higher reward??
That is the question: Until you tell us which sort of punter you are we can't answer "is it worth becoming a landlord for 12 months or so?".. further, IMHO you won't know the answer until 15 months time (after the 12 months tenancy has been all sorted ) as only then will you know if you made money...
What sort of person are you?? How disappointed would you be is your tenant turns out to be the tenant from hell & trashes your new pad???
Do advise...
Wisdom is the daughter of experience0 -
I'm a bit confused. Are you saying you're thinking about buying a house as your own long-term home -- but not living in it for the first year?
We're at the beginning of a recession, so it's a pretty sure bet house prices are going to fall further. So I don't really see the advantage in buying a house now, rather than waiting a year and buying a house at a lower price.0 -
Retrobob, no need to take the Lord's name in vain.... (and me a militant atheist!)
There are MANY areas of UK with such rental rates..
I've 2 houses (3bed) terraced what (I assume) you English would call ex-council houses in Scotland (Highlands.. a tad remote).
One rents £475, unf, other £510, furnished. What with the dropping interest rates and the prices I paid in 2000/2001 they make financial sense.. My tenants are lovely, reliable, hard-working decent folk. (wasn't always that way... ;-) )
However, not entirely sure buying another one now would be a good idea...
Thing is about Crystal Ball gazing... as regards property prices and rental returns.... Not much Crystal, but an awful lot of ****s is talked about the subject (no least by yours truly!!)Wisdom is the daughter of experience0
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