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How to determine rental value?
Curv
Posts: 2,572 Forumite
I'll try to keep this brief... my bro isn't the best with cash (pfffft!) and over the past few years he's ended up owing my dad thousands plus dad remortagaged his own house to buy the house my bro currently lives in. Bro is hoping to be able to buy it off my dad once dad's FRM expires but, given bro's credit history and current income, it's a pie in the sky idea.
Dad is ready to sell once it's evident that bro can't afford to buy, possibly in 3 years (when the FRM expires). DH and I are considering buying the house as a BTL... but how can we find out what rent we could expect, or how the BTL market is running in that area, or even if it's a good idea given that it's just over 200 miles away from where we live?
All advice welcome
TIA
Dad is ready to sell once it's evident that bro can't afford to buy, possibly in 3 years (when the FRM expires). DH and I are considering buying the house as a BTL... but how can we find out what rent we could expect, or how the BTL market is running in that area, or even if it's a good idea given that it's just over 200 miles away from where we live?
All advice welcome
TIA
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↖Not my real name
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Comments
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You could look on rightmove or fish4homes for rentals in that area with same number of bedrooms etc to see what rentals in that area are going for. For the rest of it I don't know sorry.Official DFW Nerd Club - Member no. 234 Proud to be dealing with my debts I love the Dave Ramsey podcasts. Debt Free Date (including house) Aug 2012 Live on £4000 a year the short version £918 for 29/09/08 - 01/01/09 spent £0 NSD's In October Target 10 Actual 0 Quit smoking 25/09/08 saved £5 so far0
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you really need to use an agent if you are that far away from the property. if you are newbies to the property business, you may well get ripped off right royally if you dont know what you are doing.
My advice - use an agent for a year, then try to do it yourself.0
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