Getting on that property ladder??

Soot2006

There's the reason the property is only £15k. Many many many people around the country, including experienced LL, could afford to buy a few of these outright. But don't. That should tell you something!

Maybe better to tie up the money in a longer term investment plan or use it as a deposit for a property you actually want to live in.

Running_Horse

Here's one way to buy a property.

Get a well paid job, save up a deposit, get a mortgage, buy a property. Live in property.

If you cannot save up a deposit, it is unlikely you will be able to afford interest rates when they go up (and they will), or afford furniture, legal fees etc. If nobody will give you a mortgage, there is probably a reason.

Do you really think you, or anyone else would want to live here?
http://www.rightmove.co.uk/property-for-sale/property-36756944.html

GDB2222

I know that Burnley was only an example, but it's worth noting that the £15k properties all need a lot of money spent on them or the prices are just guide prices, to get the auction room packed, and the actual sale price is much more.

Having said that, there are loads of perfectly decent properties in the £40k bracket in Burnley (http://www.rightmove.co.uk/property-for-sale/property-31581464.html for example), and with a bit of hunting around I expect that something can be found for not much more than the full £30k inheritance - maybe borrowing £5-10k from family or on a BTL mortgage.

The next question is whether you can rent it out? There are a load of similar properties on the market in the general area for £300-400 per month. You would need an agent in the area to do full management for you, and that will cost, but I would guess that you would on average make £2k a year on this after all expenses, provided nothing too serious is needed for maintenance and provided the tenants pay the rent and don't trash the place. This would require quite a bit of your time, and you'd have to wonder whether it's worth your while when you can earn over £1k a year just leaving the £30k on deposit.

BitterAndTwisted

OP, I think your time might be better spent on getting some advice on the Investment part of the forum rather than on here. Property isn't the only or best way to see a good return on £30k, especially for someone young, footloose and fancy-free who hasn't even started their career yet. Invest in something that doesn't tie your capital up and wait. Then once you've got a job, never mind a decent career you should be looking to getting some more saving behind you and adding to that nice sum.

Who knows what the future holds? You could end up working abroad and that property in Burnley or anywhere else here could tie you down

pioneer22

Op, What career route are you going down? Buying somewhere in Burnley dont forget you will have to deal with having no decent nightclubs or bars. A town centre full of 99p shops and would the money you spend having to travel to work be worth it?

Yorkie1

There are often restrictions on BTL mortgages, such as minimum age and salary for the applicant - or a requirement to have one's own residential mortgage / property first. You may not qualify in any event.

Hillbilly1

I know it was an example, but BIL has BTL's in Preston and ventured to Burnley...

Workmen broke in to steal the boiler they had just put in, neighbours targeted the property as was BTL and he sold it quickly at a loss in a busy market.

Of his current BTL's in Preston 1 is boarded up as the building had been taken over by drug dealers and no one will live there and squatters have ruined it.

There is a reason properties are cheap, avoid piling all your money into poor property in poor areas, slum landlords might make money, but no one else will.