Matthew Posted June 4, 2007 Report Share Posted June 4, 2007 Obviously very cheap, £160,000 instead of probably £230,000 to £250,000. However, I'm guessing the normal deposit of 15% would not be enough, anybody done this before and got a mortgage with a deposit of 15% or less? Also is there a high chance of structural problems in future? Looking to rent out for approx £1,850 per month on room by room basis, so maths look good, but may not have big enough deposit and interest rate may be affected significantly. ??? Thanks in advance, Ciao! Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted June 4, 2007 Report Share Posted June 4, 2007 Mat Lets be havin a it more info here shall we ? What is it ? "concrete structure" ? toilet block? statue? work of art ? Moorish house - flat roof - all conc etc Smartarse i am physic i am not ............................! Simon Link to comment Share on other sites More sharing options...
Matthew Posted June 5, 2007 Author Report Share Posted June 5, 2007 Ha ha, Bit rushed as at work. 3 bed house concrete structure and flat roof, work of art? Possibly. loads of the same in the area mainly let to students. But decided against it anyhow now, but interested in opinions for future all the same. Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted June 5, 2007 Report Share Posted June 5, 2007 Hi Mat Dont really see an issue with the "concrete" but flat roof is always a reason for concern -but at nearly 14% return on paper thats pretty good if not brilliant ! Begs the question - why is it so much cheaper (ref230k-250k) If it does need a roof there is enough intrinsic profit in there to cover it with miles to spare! so what is wrong with it Simon Simon Link to comment Share on other sites More sharing options...
tony_ mort Posted June 5, 2007 Report Share Posted June 5, 2007 Your flat roofed concrete structure doesn't have long thin windows and faces out to sea does it? Link to comment Share on other sites More sharing options...
Matthew Posted June 5, 2007 Author Report Share Posted June 5, 2007 Thanks for the comments Not facing towards the sea, don't think has long thin windows. I got it wrong, it wasn't as big as I first thought so would probably only get £1,500 per month, so now comparible with other options, which makes me think it's not worth the extra hassle. I am looking at it on HMO basis so returns are better anyhow, I always try and aim to get 10% at least, but tough to get much more than that these days where I live. Thanks Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted June 5, 2007 Report Share Posted June 5, 2007 Mat which bit of our wonderful land are you in Mat? Simon Link to comment Share on other sites More sharing options...
Chris Knight Posted June 5, 2007 Report Share Posted June 5, 2007 You may wish to get an indicative quote for the buildings insurance as insurers seem to want to have these kind of risks (non-standard construction) referred to them. You may find that the premium loaded. Better to find out prior to purchasing the property. We can offer a quotation but always best to shop around. www.leaseguard.net Link to comment Share on other sites More sharing options...
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