Downsizing

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  • seven-day-weekend
    seven-day-weekend Posts: 36,755 Forumite
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    edited 3 November 2015 at 9:22AM
    gallygirl wrote: »
    On the assumption you paid just below the asking price, and get £550 a month which seems about right, you're looking at a gross yield of +7.5% which is great :T and hopefully running costs won't be high as it's so new. What are the monthly service charges like as that could affect it quite a bit?

    Service charges c.£85 pcm. We are paying £85k for the apartment.

    Thanks for the calculation :)
    (AKA HRH_MUngo)
    Member #10 of £2 savers club
    Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
  • mumps
    mumps Posts: 6,285 Forumite
    Home Insurance Hacker!
    seven-day-weekend wrote: »
    Yes, I can't work percentages out, but we are happy with what wee shall get.

    This is a new development on the old Goodyear site, very accessible to motorways M6, M5 and M54 and also on a good bus route into the city centre and then the railway station.


    There is a Lidl and a Hungry Horse pub on the site.


    The flats we are getting is two years old, but it's owner has only lived in it for six months as he has moved in with his girlfriend. He put the flat for sale at a higher price for ages and got no viewings, however since he has reduced it after an independent valuation, he has had people queuing up.

    It's a nice flats with two good bedrooms and an ensuite, so it would suit either a single person, a couple, or two friends sharing.

    Ho well, another adventure coming up!

    Sounds like it should be a good area for letting. I can't remember but I assuming it doesn't have gas? So you don't need to worry about the gas certificate and the electric certificate should be easy with it only being 2 years old. Are you going to use an agent? If you do it should all be very straightforward.
    Sell £1500

    2831.00/£1500
  • seven-day-weekend
    seven-day-weekend Posts: 36,755 Forumite
    Name Dropper First Anniversary Photogenic First Post
    mumps wrote: »
    Sounds like it should be a good area for letting. I can't remember but I assuming it doesn't have gas? So you don't need to worry about the gas certificate and the electric certificate should be easy with it only being 2 years old. Are you going to use an agent? If you do it should all be very straightforward.

    No gas and we are goin g to use an agent for at least the first six months .

    We have taken our ID intro the EA and instructed solicitor today.
    (AKA HRH_MUngo)
    Member #10 of £2 savers club
    Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
  • mumps
    mumps Posts: 6,285 Forumite
    Home Insurance Hacker!
    seven-day-weekend wrote: »
    No gas and we are goin g to use an agent for at least the first six months .

    We have taken our ID intro the EA and instructed solicitor today.

    I think it is worth it for the first six months, gives you peace of mind. I have two buy to lets but they are let out to family members so not the same sort of problem.
    Sell £1500

    2831.00/£1500
  • seven-day-weekend
    seven-day-weekend Posts: 36,755 Forumite
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    We have just said goodbye to our old home of nearly forty years. The sale completes tomorrow. End of an era. I hope the new family will be as happy there as we were.

    Thanks old house, you served us well.
    (AKA HRH_MUngo)
    Member #10 of £2 savers club
    Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
  • angela110660
    angela110660 Posts: 929 Forumite
    Name Dropper First Post First Anniversary
    Hope the move goes well and you will be very happy in your new home. Just in time for Christmas too!
  • Marine_life
    Marine_life Posts: 1,059 Forumite
    Hung up my suit!
    I always said to my wife that we would downsize when we retired.

    So we sold our three bedroom 240 sqm house and bought a 300 sqm one!

    Well the one we sold was 650,000 the one we bought was 450,000 - my wife says we're downsizing in price but not in size and who can argue with that ;-)
    Money won't buy you happiness....but I have never been in a situation where more money made things worse!
  • seven-day-weekend
    seven-day-weekend Posts: 36,755 Forumite
    Name Dropper First Anniversary Photogenic First Post
    The purchase of our BTL property completes on January 15th :).

    We are once again exploring a holiday home, but this time a mobile one. We have found the van we want, now we are going to look at sites, initially on the Shropshire/Wales borders as it is within two hours from home and not too far to go for just an overnight stay.We will not go ahead with buying the van if we can't find the right site.
    Watch this space........
    (AKA HRH_MUngo)
    Member #10 of £2 savers club
    Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
  • pollyanna_26
    pollyanna_26 Posts: 4,839 Forumite
    First Anniversary Name Dropper First Post Photogenic
    good luck with the search SDW . Fingers crossed .
    polly
    It is better to light a single candle than to curse the darkness.

    There but for fortune go you and I.
  • seven-day-weekend
    seven-day-weekend Posts: 36,755 Forumite
    Name Dropper First Anniversary Photogenic First Post
    We have bough a holiday van on a lovely woodland site in Snowdonia :), easy drive along the A5 for a couple of hours.

    We have given up dogsitting for at least a year so should have plenty of time to use it.

    I think our property empire is complete now :)
    (AKA HRH_MUngo)
    Member #10 of £2 savers club
    Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
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