1st time landlord wants to get it right

Doozergirl

Pobby wrote: »

Ohhhhh,Doozer,that`s a bit hard.My question was really based on the fact that I was interested.I certainly wasn`t thinking of flaming the OP.I have posted many times regarding my interest on the strange housing market and also i have made it clear that ,as a long standing home owner,I have nothing to lose or gain.not a buy-to- letter are you?

Not just yet. I haven't exchanged.

Want to ask me any questions? They've been answered elsewhere.

And if you do start loading up, I'll know what your motive was originally, of course.

PasturesNew

If I ask questions about anything, it's because I am nosey.

poppy10_2

Doozergirl wrote: »

The questions asked bore no relevance to the OPs actual question

O RLY?:

pantsmachine wrote: »

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. Thanks in advance for any advice .

Knowing the asking price would seem to have a lot of relevance to the original post.

Pobby

Doozergirl wrote: »

Not just yet. I haven't exchanged.

Want to ask me any questions? They've been answered elsewhere.

And if you do start loading up, I'll know what your motive was originally, of course.

Ahhhhhh,I see!Just very interested where you can get a ``real`` yield of 9% right now.I say real as in factoring vacant periods,insurance,renewals and so on.Where I am in the country the real yield comes in about 3% to 4% if you had purchased maybe 4 years ago.Most property,if paid for now at supposed market value,would give a negative yield.

Having said that,if you are prepared to take the risk,there are some auction properties that would give,on face value,a decent yield.

pantsmachine

clutton wrote: »

don't let this property furnished - tenants who bring all their own stuff are far less likely to do a "moonlight flit" and walk out on you. New stuff will definitely look tired, jaded and will defo look 2nd hand in less than 2 years and then you will have to pay to get rid of it all. Also, as others have said, it will all need maintaining and that costs money.

why not wait and see what your prospective tenants want - otherwise you may be left with a house full of furniture which you have to either dump or pay to store........

this is not nest-building - it is business

I am in full agreement on the increased odds for moonlight flit in a furnished property. Thing is my wife has already negotiated for the new washing machine, nice pine bed, pine chest of drawers and pine wardrobe for £250. For me that was too good to pass up. I'll buy a 2nd hand leather suite,i've got a spare portable and kitchen stuff is cheap(knifes/forks,plates etc). Since this is the 1st flat i am probably a bit soft and will make classic mistakes!

gerad_way

Just wondered if u could offer me some advice as I am about to sign for my first house to let out.
Do you I have to register with my local Town Hall to become a Landlord??

Thanks

clutton_2

"" For me that was too good to pass up."" = will it still prove to be a good business decision when your first prospective tenant says "can i have it unfurnished please ?"

PROFESSIONAL_LANDLORD

gerad_way wrote: »

Just wondered if u could offer me some advice as I am about to sign for my first house to let out.
Do you I have to register with my local Town Hall to become a Landlord??

Thanks

Landlord registration is only req; in Scotland. Application can be made through,

https://www.landlordregistrationscotland.gov.uk/Pages/Process.aspx?Command=ShowHomePage

fishhawks

I have property in scotland that I rent out and you do need to make sure that you register that you are a landlord - even if you only have the one property. Get in touch with your council housing department and they should be able to help you.

When I bought my first flat I thought that it would be better to rent the property furnished as I was advised by an agent that this was the right thing to do. But to furnish a property to a high standard you need duvets, pillows, cutlery, crockery, vacuum cleaner, dustpan and brush! as well as beds, sofa etc. and was told that I would get about £20-30 extra per month, taking into consideration that I would have to replace any item that breaks down, such as the vacuum I decided to rent unfurnished.

You can still have a property that is in good condition, mine have decent bathroom and kitchen, good carpets and are painted cream, the central heating boiler has maintenance cover and the place is tidy and clean.

I havnt had a problem renting it out. But just make sure that you get references from them and always get at a months rent in advance and at least a months rent as a deposit, as you can do all the checks and still end up with someone who disappears!

Good luck