Best option finically

sim2335

_Penny_Dreadful said:

sim2335 said:

I did put down offer on flat 125k, but withdraw it

The reason I withdraw is lots of steps, didn’t want to keep climbing up and down and one fall is too dangerous.

Also afterwards I was like I will only live their a few days.

I know as first time buyer I’ve been advised against buy to rent, but doesn’t a lettings estate agent do all the hard work for you 

What do I actually want to do, is either keep saving until I find someone then we move in together or buy a house now or really nice flat but can’t afford either or do buy to rent if I’m gona make profit why not.

Being brutally honest I don’t think you can afford to be a landlord. Many BTL lenders require you to already own your own home and/or have minimum income of £25,000 a year and you have neither. Even if you somehow managed to get a BTL mortgage the mortgage is just one of the many expenses you’ll face as a landlord. 

In my experience as a landlord, letting agents are fairly useless and certainly don’t do all the hard work for you, sometimes they make the work even harder for you.  Plus the letting agency’s fee will cut into your margin so I’d be interested to see your sums where you’d actually be making a profit as a reasonably highly geared landlord using a letting agent. 

If your goal is to move out of home, and at the age of 35 I can understand why you would want to, purchase a property to let is not going to help you achieve that goal. You need to be realistic and as much as you don’t want to buy a leasehold property to live in it might be the most realistic option with your budget. How many steps is too many? 

My salary March next year will just be over 25k it’s going up (also I get a separate annuel bouns last year was about 3k, depending on mine and company performance)
also broker in May said I could borrow 75k for buy to let

depends how the stairs are set out, this one was just 2 flights of stairs which is not a lot as a one off but continues it is and after I thought about it I didn’t really like the room, it was old. I prefer modern.



I know this is off topic but mention it as related my number one aim is to find a partner, way more important then property and this will help with property.

also if buy to let us do difficlt I don’t understand how so many of my couins did it before there own property, they did have a higher wage then me and bigger deposit and family help if anything went wrong though., but even then why bother with all the stress, if you don’t make a profit.

_Penny_Dreadful

sim2335 said:

_Penny_Dreadful said:

sim2335 said:

I did put down offer on flat 125k, but withdraw it

The reason I withdraw is lots of steps, didn’t want to keep climbing up and down and one fall is too dangerous.

Also afterwards I was like I will only live their a few days.

I know as first time buyer I’ve been advised against buy to rent, but doesn’t a lettings estate agent do all the hard work for you 

What do I actually want to do, is either keep saving until I find someone then we move in together or buy a house now or really nice flat but can’t afford either or do buy to rent if I’m gona make profit why not.

Being brutally honest I don’t think you can afford to be a landlord. Many BTL lenders require you to already own your own home and/or have minimum income of £25,000 a year and you have neither. Even if you somehow managed to get a BTL mortgage the mortgage is just one of the many expenses you’ll face as a landlord. 

In my experience as a landlord, letting agents are fairly useless and certainly don’t do all the hard work for you, sometimes they make the work even harder for you.  Plus the letting agency’s fee will cut into your margin so I’d be interested to see your sums where you’d actually be making a profit as a reasonably highly geared landlord using a letting agent. 

If your goal is to move out of home, and at the age of 35 I can understand why you would want to, purchase a property to let is not going to help you achieve that goal. You need to be realistic and as much as you don’t want to buy a leasehold property to live in it might be the most realistic option with your budget. How many steps is too many? 

My salary March next year will just be over 25k it’s going up (also I get a separate annuel bouns last year was about 3k, depending on mine and company performance)
also broker in May said I could borrow 75k for buy to let

depends how the stairs are set out, this one was just 2 flights of stairs which is not a lot as a one off but continues it is and after I thought about it I didn’t really like the room, it was old. I prefer modern.



I know this is off topic but mention it as related my number one aim is to find a partner, way more important then property and this will help with property.

also if buy to let us do difficlt I don’t understand how so many of my couins did it before there own property, they did have a higher wage then me and bigger deposit and family help if anything went wrong though., but even then why bother with all the stress, if you don’t make a profit.

Times have changed. Interest rates are rising and lending criteria has tightened. There has been the introduction of the higher rate of SDLT and changes to mortgage relief for landlords although the latter is unlikely to impact you.  The amount of legislation landlords have to comply with is rising and there’s more to come if the Renters Reform Bill goes through. The golden era of BTL ended a while ago and I would say it’s more difficult for new landlords entering the market to make a profit or at least a better profit than if they invested elsewhere. 

Have you actually sat down and crunched the numbers for BTL or are you just assuming you will make a profit? 

Do you think finding a partner will help with buying a property or do you think moving out of home, even if it’s to rent, will help you find a partner? Which comes first, the chicken or the egg? 

sim2335

_Penny_Dreadful said:

sim2335 said:

_Penny_Dreadful said:

sim2335 said:

I did put down offer on flat 125k, but withdraw it

The reason I withdraw is lots of steps, didn’t want to keep climbing up and down and one fall is too dangerous.

Also afterwards I was like I will only live their a few days.

I know as first time buyer I’ve been advised against buy to rent, but doesn’t a lettings estate agent do all the hard work for you 

What do I actually want to do, is either keep saving until I find someone then we move in together or buy a house now or really nice flat but can’t afford either or do buy to rent if I’m gona make profit why not.

Being brutally honest I don’t think you can afford to be a landlord. Many BTL lenders require you to already own your own home and/or have minimum income of £25,000 a year and you have neither. Even if you somehow managed to get a BTL mortgage the mortgage is just one of the many expenses you’ll face as a landlord. 

In my experience as a landlord, letting agents are fairly useless and certainly don’t do all the hard work for you, sometimes they make the work even harder for you.  Plus the letting agency’s fee will cut into your margin so I’d be interested to see your sums where you’d actually be making a profit as a reasonably highly geared landlord using a letting agent. 

If your goal is to move out of home, and at the age of 35 I can understand why you would want to, purchase a property to let is not going to help you achieve that goal. You need to be realistic and as much as you don’t want to buy a leasehold property to live in it might be the most realistic option with your budget. How many steps is too many? 

My salary March next year will just be over 25k it’s going up (also I get a separate annuel bouns last year was about 3k, depending on mine and company performance)
also broker in May said I could borrow 75k for buy to let

depends how the stairs are set out, this one was just 2 flights of stairs which is not a lot as a one off but continues it is and after I thought about it I didn’t really like the room, it was old. I prefer modern.



I know this is off topic but mention it as related my number one aim is to find a partner, way more important then property and this will help with property.

also if buy to let us do difficlt I don’t understand how so many of my couins did it before there own property, they did have a higher wage then me and bigger deposit and family help if anything went wrong though., but even then why bother with all the stress, if you don’t make a profit.

Times have changed. Interest rates are rising and lending criteria has tightened. There has been the introduction of the higher rate of SDLT and changes to mortgage relief for landlords although the latter is unlikely to impact you.  The amount of legislation landlords have to comply with is rising and there’s more to come if the Renters Reform Bill goes through. The golden era of BTL ended a while ago and I would say it’s more difficult for new landlords entering the market to make a profit or at least a better profit than if they invested elsewhere. 

Have you actually sat down and crunched the numbers for BTL or are you just assuming you will make a profit? 

Do you think finding a partner will help with buying a property or do you think moving out of home, even if it’s to rent, will help you find a partner? Which comes first, the chicken or the egg? 

Nope haven’t done numbers on btl need help with that, don’t know who can help.

haha, I don’t think moving out will help me find a partner, but having a partner will help me get a property.(that’s not reason I want partner just a bonus)

_Penny_Dreadful

sim2335 said:

_Penny_Dreadful said:

sim2335 said:

_Penny_Dreadful said:

sim2335 said:

I did put down offer on flat 125k, but withdraw it

The reason I withdraw is lots of steps, didn’t want to keep climbing up and down and one fall is too dangerous.

Also afterwards I was like I will only live their a few days.

I know as first time buyer I’ve been advised against buy to rent, but doesn’t a lettings estate agent do all the hard work for you 

What do I actually want to do, is either keep saving until I find someone then we move in together or buy a house now or really nice flat but can’t afford either or do buy to rent if I’m gona make profit why not.

Being brutally honest I don’t think you can afford to be a landlord. Many BTL lenders require you to already own your own home and/or have minimum income of £25,000 a year and you have neither. Even if you somehow managed to get a BTL mortgage the mortgage is just one of the many expenses you’ll face as a landlord. 

In my experience as a landlord, letting agents are fairly useless and certainly don’t do all the hard work for you, sometimes they make the work even harder for you.  Plus the letting agency’s fee will cut into your margin so I’d be interested to see your sums where you’d actually be making a profit as a reasonably highly geared landlord using a letting agent. 

If your goal is to move out of home, and at the age of 35 I can understand why you would want to, purchase a property to let is not going to help you achieve that goal. You need to be realistic and as much as you don’t want to buy a leasehold property to live in it might be the most realistic option with your budget. How many steps is too many? 

My salary March next year will just be over 25k it’s going up (also I get a separate annuel bouns last year was about 3k, depending on mine and company performance)
also broker in May said I could borrow 75k for buy to let

depends how the stairs are set out, this one was just 2 flights of stairs which is not a lot as a one off but continues it is and after I thought about it I didn’t really like the room, it was old. I prefer modern.



I know this is off topic but mention it as related my number one aim is to find a partner, way more important then property and this will help with property.

also if buy to let us do difficlt I don’t understand how so many of my couins did it before there own property, they did have a higher wage then me and bigger deposit and family help if anything went wrong though., but even then why bother with all the stress, if you don’t make a profit.

Times have changed. Interest rates are rising and lending criteria has tightened. There has been the introduction of the higher rate of SDLT and changes to mortgage relief for landlords although the latter is unlikely to impact you.  The amount of legislation landlords have to comply with is rising and there’s more to come if the Renters Reform Bill goes through. The golden era of BTL ended a while ago and I would say it’s more difficult for new landlords entering the market to make a profit or at least a better profit than if they invested elsewhere. 

Have you actually sat down and crunched the numbers for BTL or are you just assuming you will make a profit? 

Do you think finding a partner will help with buying a property or do you think moving out of home, even if it’s to rent, will help you find a partner? Which comes first, the chicken or the egg? 

Nope haven’t done numbers on btl need help with that, don’t know who can help.

haha, I don’t think moving out will help me find a partner, but having a partner will help me get a property.(that’s not reason I want partner just a bonus)

If your cousins are involved in BTL then perhaps they could help.  As a starter for ten though here are some expenses:

• Mortgage interest
• Insurance
• NRLA membership (or another landlord organisation)
  
• Advertising and photographs
• Tenant find and referencing fees (expect to lose first two month's rent for this and advertising)
  
• Letting agent fees (at least 10% of rental income + VAT) for a fully managed service which won't cover every fee the letting agent ends up charging you.
• Service fees if leasehold property
• Licence fees if you buy in an area with selective licensing
• Annual GSC
• EICR (needs doing every 5 years)
• EPC (an EPC lasts for 10 years)
• Speaking of the EPC your rental property must meet at least a E and there is talk of this becoming a C from 2025 which isn't far away.
  
• Then you need to account for replacing the boiler, carpets, painting and decorating, kitchen and bathroom at some point in at least the next 10 years.
• Void periods
  
• Income tax on any profits

I'm sure I've missed a few things but that should give you an idea that profit is not just rent minus mortgage.