where would you buy to let??

ruggedtoast

You're planning on taking on a buy to let now? Brave.

Pixie5740

hostie wrote: »

Just had a quick look and there is one with three bedrooms for £107,000
It is under offer.
https://www.aspc.co.uk/search/property/324915/5-Gardner-Crescent/Aberdeen/
I didn't say the OP would get a 3 bedroom flat for £120k any day of the week. Property investment involves a lot of boring leg work, such as watching the market every day. Yes there are reasonably priced properties in Aberdeen but they get snapped up. It took me a year for my first flat to appear on ASPC with the amount of bedrooms I wanted at a price I could afford. I put my offer in the day of the viewing, the day after it appeared on ASPC.
The one you saw in Dyce would also be a good prospect. I saw another one with 3 bedrooms in Dyce. Remember that Dyce is where a lot of the oil workers want to be based. I have a cousin that lets out rooms in Dyce and he gets a lot more money per room than you would get for students.
This one is also under offer, but I think it proves my point (to people based down south, looking for investments that will bring in over £1k per month in rent).
https://www.aspc.co.uk/search/property/324665/13-Garmaddie-Lane/Aberdeen/

Being an oil worker living in Aberdeen I am well aware that there are a number of companies such as BP based in Dyce. Companies like BP who are laying off a lot of staff and contractors at the moment.

That flat is offers over £107,000 and I would be interested to know how much it actually sold for. You've more chance of seeing the Loch Ness Monster than getting a 3 bedroom property in Aberdeen for £120k.

I would purchase BTL properties in any city in Scotland other than Aberdeen. If I do down the BTL route then my plan is to get 1 in Edinburgh, 2 in Glasgow and possibly 1 in Dundee. Property in Scotland isn't cheaper than "down south", yes it's cheaper than property in London but so is property in every other part of the UK.

You're right when you say that property prices in Aberdeen are linked to the oil industry. There's been very little development in Aberdeen considering the amount of money in the city and without the oil it's not a city many would choose to live in.

hostie

If you want capital growth then Edinburgh is probably the safest bet in Scotland, but I believe it also has very low rents. Not great for a buy to let landlord. Aberdeen often features in articles about high yields for rental properties. If you are in the oil industry Pixie, then surely you are in a great position to rent out rooms in Dyce.

I agree about the poor ratio between oil wealth and development in Aberdeen. In my opinion it is disgraceful that there has been little investment in the city centre, while there are plenty of Beverly Hills type suburbs.

Old_Git

buy within a 30 minute radius of your own home.
I have one 5 miles away ,I have a second 1/4 mile away .The second used to be my principal residence ,I would not buy anything so close as a BTL,

enginesuck

Id avoid Aberdeen like the plague, its got crash written all over it !
Moray would be a good bet - Forres, Elgin also look across no nairn and inverness. I know you can get a three bed family home to rent at the moment - there isnt enough housing. Prices are relatively cheap and the demographic good in most areas.

Pixie5740

I agree enginesuck, I would avoid Aberdeen. In fact as the OP lives in SE England (???) then he should avoid Scotland altogether and get something closer to home as others have suggested.

The OP should look at areas within a certain radius of his home and then start doing the maths. If the numbers stack up and BTL will provide better returns than other investments then he should research what being a LL involves and if after all that, he's still game, then he should purchase a BTL.