Buy to let advice - is it possible and best way to do it?

linni

Fair enough but what type of property do they buy and for how much? and what rent do they charge and how do they finance it?

No - they have a property rental business, and I would ask them to manage it for me. The property is near schools, trains and shops, and lots of people retire to this area.

Seems a bit of an extreme risk just for a piece of garden.

I think that the land is clouding your judgement a bit.

I totally agree with this but having a double garage would mean I'd be able to put my mobility scooter in it and get it out with ease. Heaven!

I'd love to be able to just buy the land but unfortunately I can't.

saverbuyer

linni wrote: »

I didn't say this was mega money - this is just the cost of the house so we would only be making the value of the rise of the house.

I know someone who is interested in renting the house already and I thought my teens could live in/or rent it out themselves to friends when they're at Uni.



I never thought it would be simple. I'm not afraid of hard work and I'm just considering it at the moment. I know lots of people who've done it and they've not regretted it - yet!

What I mean is if you are looking at 4% yield (less with costs as Danny points out) and expecting capital rises in this market for your pension I think you would be better (with the tax advantages) to put money into a personal pension.

This idea could/will actually cost you on a monthly basis. Your mortgage is paid off on your residential, why not use the extra to save and fund a pension. £240,000 pounds worth of exposure in this market AND LESS THAN 4% yield (after being MF) is madness IMHO.

linni

What I mean is if you are looking at 4% yield (less with costs as Danny points out) and expecting capital rises in this market for your pension I think you would be better (with the tax advantages) to put money into a personal pension.

This idea could/will actually cost you on a monthly basis. Your mortgage is paid off on your residential, why not use the extra to save and fund a pension. £240,000 pounds worth of exposure in this market AND LESS THAN 4% yield (after being MF) is madness IMHO.

Ok, thank you all. It doesn't sound like it's going to be feasible then so I'll have to keep my eyes pealed for another idea like this!

A nice little low maintenance flat that'll give you a 10% yield

SouthCoast

Where I live lots of folks are finding that funding retirement through property speculation does not work.