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    • MINCTbw
    • By MINCTbw 9th Apr 18, 3:17 PM
    • 2Posts
    • 0Thanks
    Landlords - buying out of area. Experiences?
    • #1
    • 9th Apr 18, 3:17 PM
    Landlords - buying out of area. Experiences? 9th Apr 18 at 3:17 PM
    I have some funds for another buy-to-let, but I live in a very expensive area. I am considering buying "up north" in some student areas, where prices like-for-like are about 40% cheaper than around here.

    However, it must be a lot harder to renovate, advertise, let and manage them when at such a distance. Presumably one simply has to use an agency.

    Does anyone here let out of their area, how have you found it? My current BTLs are within 5 minutes of my own house, which is very, very convenient. But, getting so much more for my money might make the extra hassle worth it.
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    • Cakeguts
    • By Cakeguts 9th Apr 18, 4:58 PM
    • 4,893 Posts
    • 7,273 Thanks
    • #2
    • 9th Apr 18, 4:58 PM
    • #2
    • 9th Apr 18, 4:58 PM
    We have properties in different areas but they are all in areas that we know very well we haven't bought something in an area that we don't know and we have very good letting agents.

    We don't let to students.
    • tacpot12
    • By tacpot12 9th Apr 18, 5:22 PM
    • 1,383 Posts
    • 1,188 Thanks
    • #3
    • 9th Apr 18, 5:22 PM
    • #3
    • 9th Apr 18, 5:22 PM
    I have a property 70 miles away from home, I use a letting agent but still find I need to travel to the property about once a year; either for planned maintenance that I want to do myself or to fix a problem for the tenants that the letting agents contractors haven't managed to fix. It's not too onerous, but I should really be selling the property as the areas is expensive to buy but rents are not too high.
    • shirlgirl2004
    • By shirlgirl2004 9th Apr 18, 7:21 PM
    • 2,834 Posts
    • 4,514 Thanks
    • #4
    • 9th Apr 18, 7:21 PM
    • #4
    • 9th Apr 18, 7:21 PM
    BTL away from home is a pain but like you I live in a very expensive area. I give 12% to a lettings agent and bought a brand new property to limit the need for repairs and also means I have more professional tenants. A bit galling as I have made it an easy job for the lettings agent but as it takes me about 5 hours to get there it just isn't feasible to manage myself.
    • Hoploz
    • By Hoploz 9th Apr 18, 7:35 PM
    • 3,842 Posts
    • 3,383 Thanks
    • #5
    • 9th Apr 18, 7:35 PM
    • #5
    • 9th Apr 18, 7:35 PM
    I've rented a property a long way from home and it was much harder. We had agents managing it but the tenants kept coming up with the most trivial things constantly that were apparently going wrong I think we only received full rent about half the year we let it for. We found it especially annoying as we had lived in the property for 3 years before they moved in with no more than a lightbulb going wrong. We have no idea how there was suddenly no power to the bedroom light, no power to the hall lights, the shower went wrong and took 3 different tradesmen visits to fix. I'm sure if we coud have popped in most of these things could have been sorted by us rather than 100s in charges. So my advice would be to research your letting agent well and ensure they have good handymen to call on rather than the incompetents ours must have. I don't know how you would research these things though! Good luck.
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