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buy to let, is it worth it?

135

Comments

  • mn2203
    mn2203 Posts: 48 Forumite
    Eighth Anniversary 10 Posts Combo Breaker
    00ec25 wrote: »
    only if you sign a Deed of Trust stating that when sold you will not get one penny from the sale. As soon as you share the sale proceeds then you have established a beneficial interest and would be liable to the higher rate SDLT
    not how it works -

    Ah, good to know thanks - not an option then thanks

    - it is exempt for the time you physically live in it as your main residence (plus the final 18 months of your ownership of it irrespective of whether you live there or not)
    - it is liable for the period you do not live there (excl the final 18 months). Obviously living with the BF, even if you do not co-own his property, means you cannot claim your property to be your main home as the facts show it isn't. Naturally letting the property also means it cannot be your home since it is the tenant's home.

    do some reading?
    https://www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet

    Great thank you, I always find everyone here so helpful :-)
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    darrrren wrote: »
    Those of you who said in todays environment you would do thongs different, what suggestions? What's best to do with your money i. Todays climate?


    https://forums.moneysavingexpert.com/discussion/5650537


    https://www.amazon.co.uk/Investing-Demystified-Speculation-Sleepless-Financial/dp/0273781340
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    darrrren wrote: »
    Those of you who said in todays environment you would do thongs different, what suggestions? What's best to do with your money i. Todays climate?

    Instead of the conventional thong you could try a schlong thong....less tan lines.
  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    To get buy to let to work you need more than one property and you have to do a lot of research. What you are looking for is a gap in the market. There are generally enough 1 and 2 bed flats so the tenants can choose. What you want as a landlord is to be in the position where you do the choosing so for that you need properties that a large number of tenants want to rent. Only you can know what that will be in your area.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    Cakeguts wrote: »
    To get buy to let to work you need more than one property and you have to do a lot of research. What you are looking for is a gap in the market. There are generally enough 1 and 2 bed flats so the tenants can choose. What you want as a landlord is to be in the position where you do the choosing so for that you need properties that a large number of tenants want to rent. Only you can know what that will be in your area.


    Most tenants want to rent 1 and 2 bedroom flats though?
  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    Crashy_Time wrote: »
    Most tenants want to rent 1 and 2 bedroom flats though?

    Depends on the area.
  • elephantrosie
    elephantrosie Posts: 467 Forumite
    Crashy_Time wrote: »
    Most tenants want to rent 1 and 2 bedroom flats though?

    yes. one bedroom flats are hot cakes in the letting market.
    Another night of thankfulness.
  • elephantrosie
    elephantrosie Posts: 467 Forumite
    I see my boss has a one bedroom flat for rent for six months now.

    honestly, i would start panicking if i couldnt rent out for that long. i suppose shes rich enough to cover the mortgage.
    Another night of thankfulness.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    darrrren wrote: »
    At the moment however im overpaying the mortgage as the interest is 4% and i don't get anywhere near that on any accounts i have

    Then worth persevering with at the current time. Being mortgage free will allow you plenty of freedom in the years that follow.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    Cakeguts wrote: »
    Depends on the area.


    Yes, fair enough I suppose.
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