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Buy to let retirement property??
sept2012bride
Posts: 10 Forumite
[FONT="]Hello, [/FONT]
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[FONT="]I was hoping someone could help me. My husband & I are buying a buy to let investment property in London (which is where we live) We are doing this for a family member who has been paying rent for 20 years with absolutely no hope of buying their own property. The landlords a nightmare and has done no work in the property in the last 20 years!! We thought she might as well pay the money to us and we’d keep the flat nice for her, win win situation.[/FONT]
[FONT="] [/FONT]
[FONT="]I am coming across a lot of retirement properties for sale…My question is can young people buy these with the scope of renting it to an older person? Are they a really bad investment? Hard to sell in the future?[/FONT]
[FONT="] [/FONT]
[FONT="]The family member in question is 55, works full time and is thankfully fully fit & healthy so I have no concerns about them not been able to pay rent.[/FONT]
[FONT="] [/FONT]
[FONT="]I was hoping someone could help me. My husband & I are buying a buy to let investment property in London (which is where we live) We are doing this for a family member who has been paying rent for 20 years with absolutely no hope of buying their own property. The landlords a nightmare and has done no work in the property in the last 20 years!! We thought she might as well pay the money to us and we’d keep the flat nice for her, win win situation.[/FONT]
[FONT="] [/FONT]
[FONT="]I am coming across a lot of retirement properties for sale…My question is can young people buy these with the scope of renting it to an older person? Are they a really bad investment? Hard to sell in the future?[/FONT]
[FONT="] [/FONT]
[FONT="]The family member in question is 55, works full time and is thankfully fully fit & healthy so I have no concerns about them not been able to pay rent.[/FONT]
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Comments
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Chances are, such property is leasehold and may not be sublet. You need to check the lease.
If you need to borrow to fund the purchase, you may have problems as this is a regulated loan and many lenders don't offer them and you could have problems if the property has any kind of age restriction, as this would affect the lender's ability to sell following repossession.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
What about when she retires? Would you be able to kick her out if she didn't/couldn't pay?
Plenty of good rentals. Why doesn't she just give notice and find somewhere else to live with a better LL?
What if she dies - would you want to be LL to someone else? Or would you sell?
Jx2024 wins: *must start comping again!*0 -
My question is can young people buy these with the scope of renting it to an older person?
Depends, but normally no.Are they a really bad investment? Hard to sell in the future?
Judging by the pricing and the amount of time they spend hanging around in areas I know they are a little harder to sell than a property without restrictions. But as long as you pay a price that reflects this on the way in then you can prive appropriately on the way out.0
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