Buy to let in Manchester, Birmingham or Bradford

babymum

Hi all, I return after a long time and wanted a little bit of advice. For various reasons I have £100k to invest in a buy to let property. At the moment the money is in various places and has no real return. I am hoping for £400-500 a month in rent.

Do you think its best to buy in Manchester, Birmingham or Bradford? Do you think the plan to invest and rent out is a good one? If not, what alternatives do I have?

Many thanks,
babymum :-)

theartfullodger

We can tell you in 5 years time if it was a good idea when we know if house prices went up or down & what the rental prices did & if your tenants paid regularly or scarpered having wrecked the place...

Do you not have your own crystal ball??

Cheers!

AdrianC

babymum wrote: »

Do you think its best to buy in Manchester, Birmingham or Bradford?

Where do you live? There's no way I'd buy an investment place the other end of the country.

Do you think the plan to invest and rent out is a good one?

That depends on you. How illiquid an investment you can cope with. What sort of return you think you'll get. What sort of time investment you'll want to make. What sort of hassle you're happy to put up with. What your attitude to risk is.

If not, what alternatives do I have?

Everything from bank accounts upwards.

dimbo61

HI babymum,
We know nothing at all about you!
Where you live, income, job and job security, Family!
Have you already been a Landlord and do you own your own property?
Becoming a Landlord is a Very long term investment

cootuk

From my area in Bradford/Halifax, avoid flats as there are too many in the city centre and a lot of the blocks appear to be less than desirable.
Inner city goes for either student or immigrant let.

Out in the suburbs you can get 3 bed semi/terraces for £100k that have either been modernised or still have some NHBC warranty, with rental of £400-500pm.
3 bed ex-LA on council estates go down to around £70k.

Sales don't seem particularly brisk around me as there are some well-priced modernised houses that have been on the market for months without any hint of an offer.
tbh you say Bradford and you don't get a great image.
People want to buy on the outskirts or in the surrounding villages where schools can be better.

Talc1234

Stick to areas you know and live close to. Bradford, Manchester Birmingham all have their bad areas. In fact I wouldn't choose Bradford at all

Your medium rent of £450, gives £5400 p.a. , 5.4% gross yield. Not especially good. You will have to factor 10% for agency fees, 10% for void periods and 10% repairs / maintenance