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buying flat to rent out
proevofanatik
Posts: 46 Forumite
i am thinking of buying a house in a high rise flat so i can let it out. what i want to know is if the flats were to be demolished years down the line, how much would i get back for the house? could i name my price for it? could i more than double my money?
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Comments
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Is the demolition imminent? If I was on the council and I knew the block was going to be knocked down; I'd have the room/house empty and save myself the money to buy you out.
Edit: After re-reading your post I see that you don't know if its to be demolished ... in which case, I have no idea what would happen
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Unlikely. Normally compulsory purchase means you get market rate and often people have been paid less. There was a big scandal about this oop north some time ago although they were back-to-back houses in one of John Prestcot's Pathfinder redevelopment schemes/scams not flats0
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Is this flat council or ex-council? If so, it may very well be unmortgageable if it is too high up. I think anything above the fifth floor is a no-no for most mortgage providers.
So, even if you can pay cash for the flat now then it still means that its value will be affected by resale given that it is unmortgageable. Even if the block is demolished later, you'd only ever get the "unmortgageable flat in a council high rise" price for it.0 -
This does appear to be something pretty special, being a house, high up in a tower block.0
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thans everone for your answers. i think ill give the high flat a miss then.
i have another idea. i bought my house for £85,500 5 years ago and i see similar houses to mine sold for £115,000 last year. if i were to get the same for mine, is it a good idea to sell up, buy a small flat for £30,000 and let it out. then get a mortgage for a bigger house and use the let money to help with my new mortgage?0 -
or is it best just to put the £30,000 down as a deposit for a new house?0
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Do you know anything about the lettings market? Loads of empty flats at present, are you confident of making a profit? Have you factored in service charges and ground rent?Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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