First time landlord needs advice on process on purchasing property in north east England

[Eve2489]

Hello All

I am starting my journey to becone a first time landlord and I am starting to research on the process involved I live in the  Greater London area but want to buy a property in north east England as it more afforable for my budget. Please can anyone suggest any websites or companies where I can get some good advice on what is involved? Has anyone been through this process? Any advice would be gratefully received?

 

[Richlist]

I have no experience of buying property in the North East and the main reason is that I live in the South East. One of the cardinal rules of letting property is.......know your area. 

There are so many ways you could buy the wrong property in the wrong area. If you are planning to talk to a few estate agents in the area, it isn't necessarily going to provide you with an honest answer......their only incentive is to sell you a property.

 

[Melboy]

Being a landlord of rental property involving long distance management will always be a problem whether you manage it yourself or with a letting agent.  Property in the North East is cheaper and so are the rental money returns and there is a very good reason for that compared to the Southern area's of the UK.

You would have to carry out some fairly precise financial figures on what you intend to do to make sure it is worthwhile to proceed.

[Carryon Regardless]

We've all been through the process of buying and letting.

You can use an Agent for find only (tenant that is), through to full management. You are still responsible where an Agent screws up. That could be expensive but also legally daunting.

Cheaper properties are often cheaper for a reason. Generally I would expect greater risks associated from cheaper properties. This is from personal experience.

As the Russians say the greedy man pays twice. Cheap 'aint always a bargain. While a feasibility calculation on higher returns (%wise) may look more attractive, the downsides might mean the extra % is harder work and more risk.

I also have the personal experience of managing 7 properties at around 75 miles away, another is 60 ish.

My hindsight tells me they shouldn't be more than 20 miles, and there is advantage to them being not too close. Although a friend manages properties in our same town w/o serious issues.

While researching look out for horror stories, there are plenty.

Also try to get your head around the ever evolving legislation, that is scary. There are often local council requirements and even licencing (even before you consider HMO's, which I wouldn't).

 

[Grampa]

If you are a first time landlord and buying out of the area I would say you need a agent 100% until you find your feet, confidence and knowledge.
It would be so easy to buy in the wrong area you need to research, research, research. I am a agent myself and if in your position I would visit at least 3 local agents for a balanced opinion on demand and areas to avoid. When you are in a position to choose an agent you need to research again and don’t choose on fee price alone. Check google and Facebook reviews and always make it clear you want the final choose before a tenant is housed and never be pushed into accepting a tenant you are not happy with. If an agent is only providing a tenant find service they may not be so picky in getting you the best tenant because they get all their fee up front and any future problems will be yours to deal with.