Melboy Posted April 22, 2015 Report Share Posted April 22, 2015 Well, I have bought another property. Foolhardy or wise? Take your pick. I have bought below market value (I hope!) and it does need work. Kitchen, bathroom, decorating. etc. but it is a modern 2 bed semi in need of some TLC and I shall rent it out for the long term. And there was me happy in my semi retirement..... or was I? Link to comment Share on other sites More sharing options...
Mortitia Posted April 22, 2015 Report Share Posted April 22, 2015 For experienced BTLetters any time is a good time - market forces for letting to quality tenants in your area and price are key though. I can't believe you did not do your homework Mel? I am sure that many who access pension pots will give it a try and many will fail. Attention to detail and research is vital. Link to comment Share on other sites More sharing options...
Richlist Posted April 22, 2015 Report Share Posted April 22, 2015 Is it a good time to buy a BTL ? NOT if Labour win on May 7th.!!!!!! Seriously.....It nearly always makes sense if the business equation shows a good return for both income and capital. Only you will know if the metrics such as location, type of property, condition, costs, local market etc make sense. Link to comment Share on other sites More sharing options...
Melboy Posted April 22, 2015 Author Report Share Posted April 22, 2015 I can't believe you did not do your homework Mel? I am sure that many who access pension pots will give it a try and many will fail. Attention to detail and research is vital. Yes, homework all done and it is a good price I am paying for it but that is due to the work required and it is in a good location. For me, I miss the renovation side of doing things and there are only so many holidays to be taken in a year and watching the Sun go down with a glass of wine. The good Lord has clearly stated that a quiet, relaxing retirement for me was never going to be an option. Once I have renovated I know there would be a small profit in it and certainly no loss if I decided not to rent it out. Property prices around here are manic at the moment. Anything under £150k is sold on the same day. The lousy interest rates don't help me to keep my money on deposit either and nobody imagined the low rates would last this long. Link to comment Share on other sites More sharing options...
Carryon Regardless Posted April 24, 2015 Report Share Posted April 24, 2015 Take up sailing Mel, it keeps me so busy I've little time for properties. Mind I am converting a Vito to a camper van, for those sailing week ends. And then there's the wind surfing. I was hoping to learn kite surfing this year but with the day skipper courses and wanting to learn Spanish I don't think there will be time. Link to comment Share on other sites More sharing options...
Grampa Posted April 25, 2015 Report Share Posted April 25, 2015 I have also found the prices steadily rising in my area making it harder to get the same return/yield I did on the properties purchased in the last 3 years.But I have managed to find a nice little one bed flat in the same block as one of my other flats and I like Mel like doing the renovating. I haven't quite got as far as exchange yet (fingers crossed) but am itching at the bit to getting my overalls on again. It beats sitting at a desk. Link to comment Share on other sites More sharing options...
Melboy Posted April 25, 2015 Author Report Share Posted April 25, 2015 I would love to take up sailing ( again ) seeing as I was born within 50 yards of the sea and raised by the sea. I am landlocked landlubber at the moment and it's a 90 mile trip for me to hit the beach. But I take your point. My Spanish is limited to the ordering of beer and wine and food and good morning and good night and being multi lingual. I can do the same in Swahili Link to comment Share on other sites More sharing options...
Carryon Regardless Posted April 25, 2015 Report Share Posted April 25, 2015 Your Spanish beats mine by a long way Mel. Living in Buxton we are very close to the point of this island that is furthest from the sea in any direction. The local duck pond I sail on is 3 miles away, I'll be there soon. Last w/e I was racing attempting to race a Laser 4000 on Rutland water, the w/e before we were sailing our Stratos at Falmouth. It's become a bit of a passion and certainly beats the cr*p I get from T's. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.