Considering a buy to let, what do I need to know ??

socrates

jeanettethree wrote: »

Thank you ! some good points there, a similar property on our street recently sold for £99,000 so I dont think it will be valued less than say £67.000, with the small amount of work thats needed, also its the end property on the street, not overlooked and has a good size garden, where the other doesnt, We are looking at it for a long term investment,
How will it affect us tax wise though ? will it be run as a business ??

Yes - you can contact HMRC directly for further information and LandLordzone.com is always useful

jeanettethree

socrates wrote: »

Yes - you can contact HMRC directly for further information and LandLordzone.com is always useful

Thankyou, , off to look at LandLordzone.com now

Debt_Free_Chick

You need to know that you will be a Landlord and that you have statutory duties.

How do you fancy managing a property, for the benefit of your tenants?

jeanettethree wrote: »

yes I also know that, but Im asking for some advice I have never been involved with buy to let before so I need answers, everyone has to start somewhere...

My reply was well intended especially as you gave no indication of what you did and did not know.

If you know about being a landlord, know your statutory duties and appreciate that you will be managing your property for the benefit of your tenants, then you seem to be 90% there.

Good luck.

RomansProperties

jeanettethree wrote: »

yes it does need a new kitchen/bathroom, it has been lived in for the past 10 years by a single man.... need I say more
no it doesnt need a new boiler, recently had a new one, and had the electrics looked at and it doesnt need a rewire,
and what do you mean dont confuse a BTL with property developing I dont understand what you mean....

The poster meant no need to go spending loads of money on the property just to let it out.
You are not trying to maximise the value of the property just find a tenant who is prepared to rent the property.

jeanettethree

RomansProperties wrote: »

The poster meant no need to go spending loads of money on the property just to let it out.
You are not trying to maximise the value of the property just find a tenant who is prepared to rent the property.

Oh yes thanks I know that, Im not trying to maximise the value im just making it back into a habitable property that someone would like to live in, just a basic bathroom suite, and a basic kitchen that serves its purpose the reason I say it needs a kitchen is because at the minute all there is in there is a sink unit and one cupboard.... not really ideal for someone to rent ,

poppysarah

Ok, as a money saving tip - do you need a new kitchen or just some additional cupboard units with some work top on?

Grz.26

Why dont you do it up then sell it on?

if its worth 100k take the 30 odd k out of it and buy a nice car! )

themanbearpig

How do you know it's worth £100k?

Lots of people believe their houses are worth more than they are now, due to the inflated asking prices of all estate agents.

Have a look at the land registry and past auctions, to find out how much similar houses are really selling for.

tunnel

Don't do it...i've been there,done that and got the the t-shirt which equals overgrown garden,stray cats and lots of stress,if you can look beyond what your tenants are doing...fine,if not take the earlier advice..buy it..develop it and sell it on yourself if your sure there's a profit in it,if not there'll be another house somewhere close by that you could BTL that you could probably get at the right price,i'm currently selling next door to my home to do just that,BTL is ok just not on your own doorstep IMO.

franklee

I would normally say run a mile but not in this case. Your figures stack up very nicely. I'd suggest that you use an agent to fully manage the property first time round and use the time to learn the ropes. Join a landlord's association and read up all you can.

I do think you are on the right lines putting a simple new kitchen and bathroom in, it will help attract and keep better tenants. The number of times I've seen manky properties empty for months on end when far less than the lost rent would have brought them up to scratch. Apart from that make sure the property is clean throughout and a fresh lick of paint and gardens tidy and easy to maintain.