buying up north?

peter1000

EverGreen wrote: »

I know St Helens very well. My friends live there and I had got my own house in Rainhill (very close to St H). It is not as cheap as you think. Houses around St H can go above the million. In St H itself houses are up to 900k. So what are you planning to buy with the 70k and what are your expectations?

70k is a deposit so will mortgage the difference,seen plenty on rightmove and zoopla around the 100k mark,iam on a mailing list and some have been reduced recently aswell.So will keep looking

peter1000

love to know where your getting 5% on your savings??

EverGreen_2

peter1000 wrote: »

70k is a deposit so will mortgage the difference,seen plenty on rightmove and zoopla around the 100k mark,iam on a mailing list and some have been reduced recently aswell.So will keep looking

You must know better about your own circumstances. However, in my views, you live far away from your prospective property. How would you care and manage? Thru a letting EA? It is too complicated perhaps more than your calculation.
Properties in the range of 100K are in very rough areas. Unless you are closer, you can imagine your future tenants.

daveyjp

People who live far away pay a local agent.

A neighbour rents her house out, last time I saw her she was living in Hong Kong. The last house I rented was owned by someone who lived in Canada. It never affected me as a tenant.

Andypandyboy

I think there are a lot of desirable areas up north. I am not sure that living remotely you would necessarily be able to choose which areas fitted that bill. St Helen's has some reasonably nice areas, but also some not so nice, for 100k you would need to do your research well.

kinger101

Of course, the biggest decision you'll have to make if you want to be a landlord up north, is whether you'll allow your tenants to keep whippets and pigeons.

penguingirl

shopbot wrote: »

I've no experience in this area so a quick couple of questions..is that 5% from rental income only? Or does that include increase in property value (if the market is going up?)

SB

I don't live in St Helens, but live in a nearby local town and I would say that with the exception of South Manchester the NW housing market is pretty slow and property values aren't changing. We have just agreed a sale on our property for almost exactly the same price we bought it for in 2009 (post-crash) despite us having updated the kitchen, bathroom and garden and decorated throughout and it is a nice house in a fairly desirable area locally. I know someone selling in St Helens at the moment and they have had their house up for sale for 18 months (I don't know the details so not sure if it's overpriced etc)

Bravo_Zulu

Similar position to penguin girl. I bought my house in the North West 8 years ago and it's still not worth what I paid for it. Property is cheaper up here for a reason. Things are moving very slowly, be careful.

ChopperST

peter1000 wrote: »

love to know where your getting 5% on your savings??

http://www.tsb.co.uk/current-accounts/classic-plus-account/
http://www.nationwide.co.uk/products/current-accounts/flexdirect/features-and-benefits
http://www1.firstdirect.com/1/2/savings/regular-savings-account

Belfast1978

You could do what I did and buy in Belfast the houses I bought were around £28k each did them up probably about 7k each and I rent one and live in one at the moment but you can get £400 a month easily rates are cheap £30 a month insurance £22 a month so after a letting company and tax you could make £600 a month.

I know a guy on the same street bought up 3 houses at around 22k each recently spent about a grand on each repainting and he has them rented for the same amount god knows how as the houses must be grim inside but just shows you could do that people are desperate to rent especially if you don't mind taking people on housing benefit's.