Rent & Buy Advice

161922

Hello,

first time poster here. I was hoping for some general advice; 

I own a property and my girlfriend also owns a property, we would like to buy our own together and rent the other properties out. 

Is this something that is doable and what are the changes or requirements, positives and negatives in doing so? 

Thank you 

El_Torro

The biggest negative will be that you will be a landlord, with all the responsibilities and risks that come with it. Using a letting agent should reduce your burden of knowing what your responsibilities are, though the responsibility still sits with you (not the letting agent). Letting agent fees also eat into your profits. 

Risks include getting bad tenants that don't pay, or wreck the place, or both. 

I'm a landlord myself, I rent 1 property out. I'm not saying it won't work for you, just make sure you go in with your eyes open and realistic expectations.

RAS

You will need a good financial buffer in case costly repairs are needed or the rent isn't paid for months. It can take months to evict a tenant and even in England that will get more difficult.

And you will be paying tax on the whole income less expenses, rules for which are less favourable these days, plus CGT on sale.

gwynlas

Dependent on where you live there might be a need for serviced accommodation  either holiday or company lets.
More work needed regarding taking bookings etc but higher rental yields and regular inspections by cleaners