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Buy-to-Let good idea or not?

playstation
playstation Posts: 2 Newbie
in House buying, renting & selling
Any information from anyone about whether in the current climate a buy to Let is a good idea if you have the deposit to get you on the property ladder for now? Any information would be great.

Comments

  • socrates
    socrates Posts: 2,889 Forumite
    Have you seen the famous scene in Sexy Beast where Sir Ben Kingsley is getting Ray Winstone to do his job?

    Basically he says NO! Aggressively about 20 times!
  • themanbearpig
    themanbearpig Posts: 481 Forumite
    Part of the Furniture Combo Breaker
    If you want to be forced to declear bankruptcy in the near future, join the buy-to-let brigade!
  • Horasio
    Horasio Posts: 6,676 Forumite
    Part of the Furniture Combo Breaker
    Does this advice apply if you don't need to borrow and pay for a property outright for a buy to let?
    An average day in my life:hello: :eek::mad: :coffee::coffee::coffee::T :o :rotfl: :rotfl: :p :eek::mad: :beer:
    I am no expert in property but have lived in many types of homes, in many locations and can only talk from experience.
  • socrates
    socrates Posts: 2,889 Forumite
    CCStar wrote: »
    Does this advice apply if you don't need to borrow and pay for a property outright for a buy to let?

    That is a different question - IF you can find a property with as near as possible to 10% yield and it can be easily rented over a long period of time then go for it. Try to find tidy properties that need a quick spruce up and can be turned around quickly.

    However these are few and far between and are being snapped up before they even hit the market by investors.

    If its a new build be very careful - in fact run!
  • Horasio
    Horasio Posts: 6,676 Forumite
    Part of the Furniture Combo Breaker
    socrates wrote: »
    That is a different question - IF you can find a property with as near as possible to 10% yield and it can be easily rented over a long period of time then go for it. Try to find tidy properties that need a quick spruce up and can be turned around quickly.

    However these are few and far between and are being snapped up before they even hit the market by investors.

    If its a new build be very careful - in fact run!
    Thank you

    I am new to this area of property dealing.

    Can you tell me the pitfalls and less obvious things to look out for when looking for a property to let out?
    An average day in my life:hello: :eek::mad: :coffee::coffee::coffee::T :o :rotfl: :rotfl: :p :eek::mad: :beer:
    I am no expert in property but have lived in many types of homes, in many locations and can only talk from experience.
  • socrates
    socrates Posts: 2,889 Forumite
    CCStar wrote: »
    Thank you

    I am new to this area of property dealing.

    Can you tell me the pitfalls and less obvious things to look out for when looking for a property to let out?

    Better place for this question is

    https://www.LandLordzone.com
  • moneyursula
    moneyursula Posts: 11 Forumite
    Part of the Furniture First Post Combo Breaker
    I have been a landlady for approx 15 years now and have never had a problem, however we always bought properties in good areas and renovated them to a fairly high standard, that way you can be very fussy as to who you let them to. You usually get the 'decent' people wanting good areas. Just make sure that you take into account all the outgoings including mortgage and interest payment etc. and I agree with the other reply, you want approx 10% net return. Just be very fussy when choosing tenants, leave it empty before taking the 'wrong' tenants.
  • dboswell
    dboswell Posts: 309 Forumite
    depends on a) the price b) your circumstances c) your preferences d) your timeframe and e) your view on future prices.

    ultimately only you the OP can answer all 5.
  • playstation
    playstation Posts: 2 Newbie
    Ok well that gives some things to think about.
This discussion has been closed.
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