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Too risky to let out my flat ?
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All good replies. Thanks for your comments - I'll have a think.0
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Buy a small holiday let and get it fully managed?
If you've have not made a mistake, you've made nothing0 -
Plenty of empty BTL around just now, that should be your first red flag IMO.michael1234 said:I'm emmigrating, selling the family home but plan to buy a 2 bed flat just to keep a foothold in the UK property market. Initially was thinking of letting it out but it seems incredibly risky to do so? As I understand it, a tenant for whatever reason could decide to stop paying rent and/or trash the place and it would take me a year or more of stress to get them out followed by a costly renovation.
It would seem a shame to leave a place empty and unused when housing is in such demand not to mention the rent would obviously be handy. Can I mitigate the risk with insurance or some other way or is there always going to be a risk of catastrophe in renting out one property ? Presumably the very wealthy can easily mitigate the risk by letting out dozens of properties but I'm not in that league.0 -
Do you have any evidence for that? Not saying you're wrong - just like to see the sources...Crashy_Time said:
Plenty of empty BTL around just now, that should be your first red flag IMO.michael1234 said:I'm emmigrating, selling the family home but plan to buy a 2 bed flat just to keep a foothold in the UK property market. Initially was thinking of letting it out but it seems incredibly risky to do so? As I understand it, a tenant for whatever reason could decide to stop paying rent and/or trash the place and it would take me a year or more of stress to get them out followed by a costly renovation.
It would seem a shame to leave a place empty and unused when housing is in such demand not to mention the rent would obviously be handy. Can I mitigate the risk with insurance or some other way or is there always going to be a risk of catastrophe in renting out one property ? Presumably the very wealthy can easily mitigate the risk by letting out dozens of properties but I'm not in that league.
In my area (SE) I see rentals coming on to the market and then let out pretty quickly. That's partially anecdotal of course.0 -
Will you be buying the flat outright or you will be getting a mortgage?Initial mortgage bal £487.5k, current £258k, target £243,750(halfway!)
Mortgage start date first week of July 2019,
Mortgage term 23yrs(end of June 2042🙇🏽♀️),Target is to pay it off in 10years(by 2030🥳).MFW#10 (2022/23 mfw#34)(2021 mfw#47)(2020 mfw#136)
£12K in 2021 #54 (in 2020 #148)
MFiT-T6#27
To save £100K in 48months start 01/07/2020 Achieved 30/05/2023 👯♀️
Am a single mom of 4.Do not wait to buy a property, Buy a property and wait. 🤓0 -
You could use a managing agent to organise the letting and maintenance of the property and take out insurance to cover issues such as none payment of rent or eviction.
Yes, it all costs money but at least someone will be there to sort out any problems on your behalf.
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Wont' be cheap for someone to manage, don't tenants/agents withhold some of the rent as you are no longer a tax resident in the UK?Neil49 said:You could use a managing agent to organise the letting and maintenance of the property and take out insurance to cover issues such as none payment of rent or eviction.
Yes, it all costs money but at least someone will be there to sort out any problems on your behalf."It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Not if the landlord applies to HMRC’s Non-resident landlord scheme. I live overseas and the letting agent doesn’t deduct tax from the rent before passing the rental income to me. I had to supply evidence from HMRC that I was in the scheme.csgohan4 said:
Wont' be cheap for someone to manage, don't tenants/agents withhold some of the rent as you are no longer a tax resident in the UK?Neil49 said:You could use a managing agent to organise the letting and maintenance of the property and take out insurance to cover issues such as none payment of rent or eviction.
Yes, it all costs money but at least someone will be there to sort out any problems on your behalf.2 -
You expect Crashy's pronouncements to be based on reality and backed with evidence? Bless.michael1234 said:
Do you have any evidence for that? Not saying you're wrong - just like to see the sources...Crashy_Time said:
Plenty of empty BTL around just now, that should be your first red flag IMO.michael1234 said:I'm emmigrating, selling the family home but plan to buy a 2 bed flat just to keep a foothold in the UK property market. Initially was thinking of letting it out but it seems incredibly risky to do so? As I understand it, a tenant for whatever reason could decide to stop paying rent and/or trash the place and it would take me a year or more of stress to get them out followed by a costly renovation.
It would seem a shame to leave a place empty and unused when housing is in such demand not to mention the rent would obviously be handy. Can I mitigate the risk with insurance or some other way or is there always going to be a risk of catastrophe in renting out one property ? Presumably the very wealthy can easily mitigate the risk by letting out dozens of properties but I'm not in that league.
In my area (SE) I see rentals coming on to the market and then let out pretty quickly. That's partially anecdotal of course.4 -
Do you need the money from the sale of the house? Why not keep the house and let it out.
2
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