FIRE Girls Pension Diary - Aim High & Dream Big

Firegirl

Funny you say that cause the agent said that cause it’s cheap enough that I should get one. Maybe it’s a sign of a considerate landlord or something. Who knows😆 Anyway even if it breaks once every 6 months I think I can absorb the cost😆

michaels

https://forums.moneysavingexpert.com/discussion/comment/82127115#Comment_82127115

As well as getting the circuits tested regularly, do you have to PAT test all electrical appliances you supply regularly, even if brand new?

jimi_man

https://forums.moneysavingexpert.com/discussion/comment/82127275#Comment_82127275

I don’t think they do, no although some do. Some friends of ours are part of a syndicate of four couples and they have around 60 BTLs. They get theirs PAT tested, but one of the guys is a PAT tester so it’s straightforward.

Good luck to the OP, hope it works out. Even with 60 they don’t always make a profit all the time so be prepared for down periods and with just one BTL it will hurt far more.

Never heard anyone describe being a landlord as a social enterprise!! Seems slightly morally ambiguous. If you want to go down the road of BTL then IMO just do it. You don’t need justification to do it, you’re doing it because you want to and you hope it will make you a profit and provide some investment diversification. Nothing wrong with that.

Ibrahim5

From what I have read the long term returns from property and shares are broadly very similar. Much rather invest in 7000 companies (global tracker) than one property. A property can be trashed in a few minutes.

Bluebell1000

We actually have one BTL, I tend to see it as diversifying beyond the stocks and shares etc, as part of overall planning for the future. It's not a big profit but will be growing in value as well. Then when we're at retirement age we have the option to sell, or to keep it going. Works for us. Good luck with yours.

michaels

Worth noting that Green Party policy is rent controls and to end private landlords including insisting that they sell properties to councils to be used as social housing at a discount to market value and it is not impossible that they will hold the balance of power after the next election.

HedgehogRulez

https://forums.moneysavingexpert.com/discussion/comment/82127684#Comment_82127684

not quite sure the relevance of quoting Green Party policy in any discussion….

Yorkie1

Irrespective of party politics, I'm not sure the finances are there for all of the Compulsory Purchase Orders which it would take to achieve that

Firegirl

I agree social enterprise ambitious and I’m not saying that will happen any time soon, it’s a long way off still. But nothing ventured nothing gained. Maybe even with just the one property I will be in a strong financial position where I can use it for my social enterprise idea.

I def also see it as a way to diversify rather than having all this money in stocks and shares.

But also it’s a life long dream since my 20s to do buy to let. I think that was a era of tv home renovation shows taking off😆 What ever happens, no regrets.

Politics and rule changes……I know it’s not the best time to be getting into this but all I can do is treat it like a project and mitigate as much risk as possible as I go.

Firegirl

The next costly antics I’m up to now are getting solar installed! It will pay itself in 6 years and 7 months.

Also the appeal is that it will reduce my monthly bills straight away so if I decide to change jobs to a lower paid job or when I retire completely my monthly bills are reduced.

Retirement planning in full flow at the moment😆