kanrent Posted April 12, 2020 Report Share Posted April 12, 2020 Does anyone have any ideas about where would be the best place and property type to invest in a BTL property for £120,000 in the UK, have some spare cash and thought it would be better to put it into property than in the bank Quote Link to comment Share on other sites More sharing options...
Melboy Posted April 12, 2020 Report Share Posted April 12, 2020 Tricky question that is. Depends where you are located and what you are expecting to purchase with your £120k cash. So more details please if you can. I did exactly this 2 years ago due to the low interest rates. Coughed up the wicked extra SDLT which was a bitter pill to swallow at the time but I have got over it now. 😁 Wifey wasn't exactly overjoyed with what I planned to do but realised she was on a loser trying to stop me but it couldn't have been too bad a decision on my part as she mucked in with the painting etc. before we let it out. Nice property in a nice location and to my simple mind on economics I could always re mortgage it or even sell it on if I ever had to. 2 years on and no regrets so far I have to say with what I did. I would buy again and may do so if something nice came my way. You are never too old in this game.........fortunately. 😄 Quote Link to comment Share on other sites More sharing options...
kanrent Posted April 12, 2020 Author Report Share Posted April 12, 2020 2 hours ago, Melboy said: Tricky question that is. Depends where you are located and what you are expecting to purchase with your £120k cash. So more details please if you can. I did exactly this 2 years ago due to the low interest rates. Coughed up the wicked extra SDLT which was a bitter pill to swallow at the time but I have got over it now. 😁 Wifey wasn't exactly overjoyed with what I planned to do but realised she was on a loser trying to stop me but it couldn't have been too bad a decision on my part as she mucked in with the painting etc. before we let it out. Nice property in a nice location and to my simple mind on economics I could always re mortgage it or even sell it on if I ever had to. 2 years on and no regrets so far I have to say with what I did. I would buy again and may do so if something nice came my way. You are never too old in this game.........fortunately. 😄 I would prefere South East England excluding London of course, Essex and Ipswich has some properties for that price but I guess anywhere in the UK would be OK, basically anything rentable in that price range but only freehold Quote Link to comment Share on other sites More sharing options...
Melboy Posted April 12, 2020 Report Share Posted April 12, 2020 Sadly 120k doesn't buy you a lot these days in my location of Wiltshire. For your money here you would be looking at a 1bed flat in a good area /location. In your locations I would think it is similar as well. Many London area type landlords have bought in my location over the past 3 years but that has dried up a bit now according to my sources. Distance buying in a cheaper location has many drawbacks as COR would confirm plus of course his clientele leave a lot to be desired from the accounts he brings to the forum. 😃 A few years ago I did look at buying in Wales but fortunately I didn't as Wales, for landlords, has become a bit of a nightmare with the Welsh Assembly issuing new rulings etc. etc. Quote Link to comment Share on other sites More sharing options...
Richlist Posted April 12, 2020 Report Share Posted April 12, 2020 Virtually impossible to buy anything for £120K in my area of Essex......unless it's a total wreck being sold at auction.e Even if you can find somewhere at that sort of money you are probably looking at a small 1 bed flat, probably leasehold and in a run down area that's not going to attract the best tenants. If I had a spare £120K looking to be spent on property I'd look to raise a small mortgage to go with the cash deposit to expand my horizon and get somewhere bigger. Interest rates are at an all time low, get in whilst the going is good. I have a great 1 bed flat in Basildon for £170K that would make you an absolutely perfect investment. Quote Link to comment Share on other sites More sharing options...
Grampa Posted April 15, 2020 Report Share Posted April 15, 2020 Bognor, Portsmouth, Havant, have some lower priced property but for 120k you would get a nice one bed flats possibly with the share of the FH and a rental of 550-650 pcm. Throw another 30-40k at it and you are looking at a nice 2 bed generating 700-775ish. 3 bed houses start out at about 185k+ wont be the nicest of properties but would rent out all day long at 875+ Quote Link to comment Share on other sites More sharing options...
Richlist Posted April 15, 2020 Report Share Posted April 15, 2020 * Bognor, Portsmouth, Havant is all South coast, not south east. * You say you want freehold so that says a house not a flat. No houses anywhere around Southend, Chelmsford, Basildon area of the South East for that price. * You can get houses in Clacton & Jaywick for under £120K Quote Link to comment Share on other sites More sharing options...
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