ba72 Posted April 24, 2009 Report Share Posted April 24, 2009 Hi there, I am thinking of buying a flat to let in the central Scotland area. Can anyone advise if this is a good time to buy to get in to this game. And also what is the best to buy, as in easiest to rent a 1 bedroom flat or 2 bedroom flat. Or any other advice for someone new to this would be much appreciated. KInd Regards Tony Link to comment Share on other sites More sharing options...
Pauly Posted April 24, 2009 Report Share Posted April 24, 2009 I wouldn't buy until the housing market bottoms out / stabilises. Also, until people start buying houses, more and more of the unsold properties will be put onto the letting market, which will continue to push rents down and making it harder to find tenants as it is currently a renters market. The lower the purchase price you pay, the lower mortgage you pay and the higher profit / yield you'll make. I've been a landlord for five years now and it is hard work and quite a responsibility. If I could turn back the clock, I probably wouldn't have jumped on the band wagon. I'm still making a small yearly profit, but in my opinion, all the costs and hassle barely make it worth while. I would guess mid 2010 / early 2011 would be a good time, becasue at the moment, the recession is starting to bite which will push prices down further. We're in a downward cycle, but it will turn round, no one is sure exactly when. Regarding what is best to buy, I would check out property websites in your chosen area and see how many of each type of property is for rent. For instance, if there are 20 one-bed flats for rent and only a few two-bed houses, then I would look to buy a two-bed house, it's all about demand and supply. I have two houses and stay clear of flats as you are more vunreable to suprises and less in control. Good luck Hi there, I am thinking of buying a flat to let in the central Scotland area. Can anyone advise if this is a good time to buy to get in to this game. And also what is the best to buy, as in easiest to rent a 1 bedroom flat or 2 bedroom flat. Or any other advice for someone new to this would be much appreciated. KInd Regards Tony Link to comment Share on other sites More sharing options...
Chestnut Posted April 25, 2009 Report Share Posted April 25, 2009 A good guide to supply and demand is to look at the area local paper small adds, both property to let and wanted. And familiarize all the landlord basics - starting on this excellent website. Link to comment Share on other sites More sharing options...
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