Buy To Let or give up

ReadySteadyPop

Uriziel said:

IF you are already considering the dodgy companies why do you not just reduce the price yourself? Someone is bound to want to buy it.
Letting property is not a stress free process. Do not see it as some kind of free money.

Not sure if they need a certain amount for the next house, they could always reduce their offer if their seller doesn`t have a lot of interest?

ReadySteadyPop

TWEF said:

I would suggest first to read Gov.UK  'Guide to the Renters Rights Bill' which is due to pass next year

The advantages of renting properties out, have been severely diminished over the past 5 years.

When I retired ten years ago, I was recommended to downsize and buy a BTLet to supplement my pension. This was a good idea at the time, but sadly no longer the case because due to all the recent, various governmental changes, I started making a loss and selling a property with tenants in situe was quite a challenge for a number of reasons.

1: Tenants may not present your property in the best possible light to sell and if it looks like a bomb's hit it, then buyers won't be interested. Yes, you can take good photo's BEFORE your tenant moves in, but they will need to be high resolution for estate agents and any buyer will need to have a good imagination to get past the first image they see when entering your property.

2: You may have difficulty getting tenants to leave, which is what happened to me, simply because my tenants couldn't find anywhere else affordable to rent. It wasn't their fault, it is what has happened due to so many people like me selling their BTLets, but this resulted in me loosing a potential buyer and when the tenants did move out, I had to rent again to cover expenses and my mortgage. 

With the new laws covered in Gov.UK  'Guide to the Renters Rights Bill' this would not be so easy.It all takes time to sell any property, which you have found out already but selling rental properties with tenants in situe is even more problematic.

Also you don`t want an empty property, that could be very costly.

https://propertyindustryeye.com/housing-stock-outpaces-population-growth/

housebuyer143

ReadySteadyPop said:

Not sure how BTL is an option in this scenario?

Its called 'let to buy' and it's exactly what it's made for, situations like this. 

GDB2222

housebuyer143 said:

ReadySteadyPop said:

Not sure how BTL is an option in this scenario?

Its called 'let to buy' and it's exactly what it's made for, situations like this. 

The trouble is that a lot of very good family houses are not necessarily a good BTL investment. For example, that lovely garden you have nurtured- the incoming tenants may simply not have green fingers. 

ReadySteadyPop

GDB2222 said:

housebuyer143 said:

ReadySteadyPop said:

Not sure how BTL is an option in this scenario?

Its called 'let to buy' and it's exactly what it's made for, situations like this. 

The trouble is that a lot of very good family houses are not necessarily a good BTL investment. For example, that lovely garden you have nurtured- the incoming tenants may simply not have green fingers. 

Good point, flats are better for BTL.