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I need help on house purchase

Hi

I have now got to the point where i can purchase property for the sole reason of renting it out and making some money. I am only 22, 23 in April, so i have a lot of time to collect the rent and hopefully see prices go up on housing over the coming years, then i will sell on. is it all that easy though?

I own my house but that is as far as it goes. I would like help from anybody who knows what is my best bet. I was looking at taking on a student house but after being a student for 4 years i really do not know if i can take the hassle of all that, broken furniture, missed rent etc etc. i want an easy life, perhaps a professional couple or something like that?

what sort of things would they be looking for? i spoke to an agent and he said, kitchen, bathroom and garage are most important but is this really the case? they didnt really seem to give me the time of day as i am young i guess so i thought i would ask you guys.

As you can tell, i really do not have a clue when it comes to property so any help would be gratfully appreciated.

Comments

  • crankup
    crankup Posts: 343 Forumite
    Part of the Furniture Combo Breaker
    The only generic advice I can give is:-
    Flats rent out easier than houses. Ensure it has off-road parking.
    *************************
    * "Take my advice, Dont listen to me." *
    *************************
    ~~ Yes I've tried Google ~~
    ~~ Yes I've tried ebaY ~~

    ********************************
  • Natelle_2
    Natelle_2 Posts: 110 Forumite
    The type of property we look for, as our experience shows they are the most sort after and therefore easier to rent are, 2 bedroom semi detached or inter terraced, with off road parking, central heating, bedrooms of equal size, preferably doubles, lounge with kitchen/diner and bathroom with shower facilities, either over bath or seperate unit to the bath.

    As for tenants, we only accepted employed persons; no students and no DSS housing benefit claiments.

    If you haven't already got it get a copy of "The Which? Guide to Renting and Letting"
    EJS
  • burbs_2
    burbs_2 Posts: 1,174 Forumite
    thank you for your advice, i know it is common sense really but i just needed to hear it from somebody. thanks
  • dougk_2
    dougk_2 Posts: 1,403 Forumite
    Also recommend reading
    Renting your property for Dummies
    Very easy read and informative! Its cheap and you can even ofset the cost of the book against the tax you pay on renting the property!
    (can be purchased online easily from say amazon)
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