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Looking at a second property... the chances??
Comments
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To OP
I have been in property 20+ years. I really don't think now is the time to run with either of your suggestions (although I admit that I don't know your local market conditions).
I assume you are a heterosexual couple? At your ages there might be other things like children to consider in the next 5-10 years, one of you having to give up work or go P/T etc etc??
Property development and BTL was seen as the smart thing to do, but the sun is going down on the property market and I feel that there are dark times ahead, at least for the next couple of years, and the employment market could turn sour.
If you really want to put money into property at the present time then consider moving to a modestly larger/better property to live in.0 -
jimnastics wrote: »Buy-to-let: In the area we are looking at, 2 bed flats are rented at about £600 - £650 per month. Depending on how much the flat costs to buy, I'm thinking this would be more than our mortgage payments.
/quote]
You said that the flats would cost about £140k? The mortgae on this would be ITRO £700 a month, so you'd be losing lots, not just the difference in rent / mortgage, but also maintaining it, repairs, etc....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
I have been trying hard to sell my latest project since oct last year. Not a sniff. Cant even rent it. The doom as started, at least round my way.0
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jimnastics wrote: »Buy-to-let: In the area we are looking at, 2 bed flats are rented at about £600 - £650 per month. Depending on how much the flat costs to buy, I'm thinking this would be more than our mortgage payments.
Rents: are they all renting at that price? Or are they advertised at that price and there are dozens empty for months?
Here all the adverts are for 2-bed flats, hundreds at £550-650, And whole rows/blocks of them empty. There aren't enough people that can afford to pay a lot of the rents that landlords want for their renovations/new builds.0
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