Purchasing my 1st buy to let - advice required please

geek84

Hi somethingcorporate

Thanks for your reply.

It is a 3 bedroom property that I am buying. The builders have said the property should be complete by the end of July. However, they refuse to give an exact date and use the word 'estimate' in the contract. The solicitor has tried to pin them down to give an exact date, but they refuse.

Is it a danger that this could turn into a big issue?

Thanks

geek84

Hi Folks

Just to give you an update -

The property which I am in the process of purchasing for purposes of letting out is a new build and almost completed.

I will be inspecting the property before handing over the money. Could someone be kind enough to tell me what things I need to ask/look out for when I am inspecting the new build, apart from making sure everything works ok.

Thank You

4greenbottles

Werdnal wrote: »

Before you embark on buying a BTL property, I think you need to do much more research and business planning, especially around how to avoid and deal with situation like you got yourself into back in January:

https://forums.moneysavingexpert.com/discussion/4387935

Did you ever successfully evict her? Get you rent arrears back?

Interested to know what happened?

geek84

Hi

4greenbottles - That's sorted now. Payment comes direct from HB.

4greenbottles

That's good you got it sorted, but you've got me confused. Is the other property yours?

dimbo61

The big question is Are you buying the RIGHT property?
Cost of house? against the rental income you will get?
Now if I was to buy a flat I would want a 2 bed 2 bath place
If I bought a house I would consider the type of tenants I want
If looking for profesionals/Students you need rooms of the same size and 1 bathroom per 4 tenants ( Max)
Now if you can provide 2 bathrooms or more all the better

G_M

geek84 wrote: »

Hi Folks

Just to give you an update -

The property which I am in the process of purchasing for purposes of letting out is a new build and almost completed.

I will be inspecting the property before handing over the money. Could someone be kind enough to tell me what things I need to ask/look out for when I am inspecting the new build, apart from making sure everything works ok.

Thank You

This is a sort of open-ended question which, like your earlier one

Could someone be kind enough to give me a mini checklist to go through with my solicitor and builders, before releasing the funds?

is pretty basic.
Have you not got yourself a decent book on property purchasing? And/or running a letting business? These would answer all your Qs.

somethingcorporate

The questions you should start with are the questions you would have if you were buying the property to live in.

The rest is all about whether the sums stack up but won't really be answerable by a look round with the developer etc.