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I'm mortgage-free. I have no interest (sick pun bruh!) in getting a mortgage just to become a landlord. It was more that if I move somewhere I couldn't be arsed with the hassle of trying to sell my place (and I kind of like the idea of having a fully paid off place to fall back on)
hippy-
Selling is a ballache but you’ve got to do it; it’s likely buying in to fairly risk free investments with the £400k or whatever you place will sell for will pay you more £ per month than the rental income.
Granted there’s the chance of the place going up in value but flats...eh unless in a super cool area and you got in at the bottom I think you won’t achieve great gainz in the mid term
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I'm mortgage-free.
I wish I was... 😭
Howard
ChainBreaker
My guess is that a management company would charge you 5 / 10 / 15% for doing fuck all, and you'd end up having to pay more to get anything fixed whatever happened.
If someone trashed your place, you will have to pay for it yourself, unless you're insured against it - A management agent will not insure you themselves, but will happily charge a premium on top of the insurance they get for you.
Openrent has a lot of useful add-ons for self-managers - insurance, for example (contingent on having them do the background checks etc...), rent collection (£10 a month, iirc).
If you own the place already, it could be worth it. I'd never actually buy a place to rent it out - there is fuck all money in that, unless you're prepared to be a slumlord.