1st time landlord wants to get it right

pantsmachine

Hi,

I have been successful in purchasing the first flat in my fledgling letting empire. Can anyone direct me to a site with letting advice as i want to let the flat furnished and give the tenants a decent place for their money but at the same time i wnat to rein in my wifes exuberance regarding the furnishing of the property! P.S I paid 16.5% over the asking price, 3/4 months ago(which i consider to be the top of the market in my area) houses and flats were regularly going for 40% over the asking price, I hope to buy the next one for 5% over the asking price in around 4 months time. That will be a welocme return to reality! Thanks in advance for any advice given.

lynzpower

is this a joke?

why on earth would any moneysaver want to pay more than the asking price in this climate :rotfl:

pantsmachine

It all depends on the area you live in so no joke.

lynzpower

Oh sorry, Ive just realised, are you in scotland?

Microstar_2

"houses and flats were regularly going for 40% over the asking price, I hope to buy the next one for 5% over the asking price in around 4 months time." :rotfl:

Surely this is wind-up??

Doozergirl

You won't see a decent return on the furnishings so don't bother. It adds £50 a month maybe to the rent and what starts off as a glam pad ends up looking tired and worn after the first tenants have gone...

Also, the more you put in a property, the more you have to worry about - things need to meet regualtions as you always have to show due diligence. If something goes wrong, like a fire, the finger starts pointing at you...

Then if something breaks you have to fix or replace it because it's in the agreement...

And honestly? If you have your own belongings in your rented property, I believe you are more likely to have respect for other people's belongings too, IYSWIM...

A quick lick of magnolia between tenants and putting down flooring instead of carpet will keep the property looking fresh for the next tenants.

hearts

The first thing to remember is the more you give the more you have to replace. Far better to try and rent empty. I suppose it'll depend on your local market and the desirability of your property.
Make sure you understand about leases.

Doozergirl

Sorry, to answer your original question.

Everything is here:
http://www.landlordzone.co.uk

I'd start with the forums, it's not the easiest site to navigate.

subjecttocontract

So how much profit do you expect to make ?

Whats your yield ?

Trollfever

What does your business plan say on this subject?

pantsmachine

Thanks for the replies, yes i am in Scotland. The town i live in topped the Scottish tables for dearest place on average to live in Scotland. As Scotland has a tradition of offers over in property please no more 'is this a joke or a wind up'. My solicitor was very surprised i got it at the price i did. I expect to make a 9% return on my investment but will settle for 7% after i have taken care of the basics(whatever they turn out to be). My wife is reading this over my shoulder and also thanks you(well most of you for you replies). Off to look at Doozergirls advised site.