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We have a couple of BTL investors in the block I’m in. It has been an eye-opener for them. You need to pay close attention to stuff like service charges, sinking funds, lease extension requirements, renovation costs for flat and freehold etc. I would only let a place I’d owned and lived in and knew really well. Hassle.
Sharkstar-
Is there any money to be made in it do you think? I want to buy a new place and was thinking of hanging onto my current flat for rental income. Service charge would wipe out a month's rent, I extended the lease already to 999 years a few years back and I own part of freehold.
If I got a company to manage it, any idea what they typically take off the top and are they responsible if some deadshit trashes my place or do I still need to cover all that with some kind of rental insurance?
The other option is to just sell it and put it towards a newer place but there's hassle in that too.
hippy
Does anyone have any experience of buy to let as an investment. I know the ship has somewhat sailed for the high returns but that could be said for most things. I have the needed 25% deposit for a flat where I am or 25% deposit for two flats in a cheaper area where I don’t live. Pros and cons to both. Yield would be higher on two flats out of area but they would be out of area and two to deal with.
Or are there better things to be looking at right now?