Buy to let?????

nads123_2

Hi all,

Im new to this Forum and i really like it.
Please can some one advise me whether it is a good idea to buy property for renting out purposes now that the economy is in crisis. I have asked a few people and have had mixed responses.

Thank you for your replies. x

moneysavinmonkey

It is a very bad idea. rents are low and mortgage costs are comparatively high + rising.
house prices in most parts of the country are falling.

who told you it was a good idea???

Markyt

Depends. If you have a big deposit, and the property is in an area where rent is in demand and likely to remain so, go for it. If it isn't, don't.

moneysavinmonkey

If you have a big deposit stick it in the bank - chances are you'll get more in interest than rent + you won't risk losing your capital + won't have to deal with being a landlord.

nads123_2

Thank you for your replies.
Moneysaving monkey - I just spoke to a few family members and most told me that its a buyers market at the moment and I wouldnt lose as long as I had tenants. I dont have much deposit. I guess ill to give it a miss.

moneysavinmonkey

ask yourself- why is it a buyers market!!!!!

dannyboycey

nads123 wrote: »

Hi all,

Im new to this Forum and i really like it.
Please can some one advise me whether it is a good idea to buy property for renting out purposes now that the economy is in crisis. I have asked a few people and have had mixed responses.

Thank you for your replies. x

If you are for real (I think this is a wind up personally), then you are not safe to be let out in the community.

jimc_2

dannyboycey wrote: »

I think this is a wind up personally

Oh DannyBoycey have some faith! Of course they are genuine. Lets just give them the helpful advice that the HPCers are afraid to face. It's every bit as valid as their 'considered opinions' (or illiterate rantings).

OP. Get a mortgage for as much as you can while you still can. You can't lose. Remember the government is committed to helping existing mortagees hang on to their properties come-what-may and shoring up their lenders. The government will in no way in the future help out people who have sold up on the chance of a house-price-drop. They will be the last to get new mortgages in future.

Buy a BTL property and then just wait for the queues of STRs at your door. If you need to look for tenants just check-out the HPC thread for some prospective [STRIKE]victims [/STRIKE]tenants. It's full of people desperately looking at the diminishing savings because of lousy savings interest rates. At the same time the cost of living is accelerating and cutting into their capital. Once the glut of speculative new-build city-centre 1-2 bed flats have all 'corrected', the desperate need for decent family-sized accommodation in a good area will still be there and accelerating (even HPCs know how to breed) so you can then ramp up the rental as much as you want. Coupled with their diminished capital, you've successfully priced them out of rebuying. They've got nowhere else to go.

You're quids in mate!

p.s. This is a wind-up but the 'predictions' are equally as valid as the HPCs when they first started this four years ago. No-one KNOWS.

jimc_2

Hmmm.

Just found this to back up my (spurious) arguments. It's MSE so it's GOT to be right.