geek84 Posted April 10, 2013 Report Share Posted April 10, 2013 Good Morning Folks I am in the process of purchasing my first buy to let property. As you know, there are certain advantages of purchasing a BTL within a 5 mile radius of where you live - i.e. easy to get to, and you may already know the area etc. Does that mean purchasing a BTL in, for example, another town/city, comes with its own set of disadvantages and that I should concentrate on purchasing my first BTL close to where I live until I get further experience of the BTL business? Thanks in advance for your responses. Link to comment Share on other sites More sharing options...
Grampa Posted April 10, 2013 Report Share Posted April 10, 2013 Depends if you wish to do your own inspections and or maintence. Also will you use a agent? Link to comment Share on other sites More sharing options...
geek84 Posted April 10, 2013 Author Report Share Posted April 10, 2013 Thanks Grampa I've haven't decided yet whether I shall be using an agent or not? Link to comment Share on other sites More sharing options...
Mortitia Posted April 10, 2013 Report Share Posted April 10, 2013 Geek - you seem to ask lots of similar questions on various sites. Why is that? Link to comment Share on other sites More sharing options...
Chestnut Posted April 10, 2013 Report Share Posted April 10, 2013 If you decide not to use an agent and arrange or actually do your own maintenance because your BTL is nearby, be prepared to take call outs at all hours. e.g. 6.00am in morning "Water is coming through light fittings". It did happen - and got fixed. Link to comment Share on other sites More sharing options...
Richlist Posted April 12, 2013 Report Share Posted April 12, 2013 I'd suggest you do lots of homework before buying a property.......there are lots of good books available......read at least one of them. Link to comment Share on other sites More sharing options...
geek84 Posted June 3, 2013 Author Report Share Posted June 3, 2013 Good Morning Folks I have decided to purchase a new build to use as a BTL. Could someone be kind enough to give me a mini checklist to go through with my solicitor and builders, before releasing the funds? Thanks Link to comment Share on other sites More sharing options...
Antnkel Posted June 3, 2013 Report Share Posted June 3, 2013 BTL's are purchased to make money on either the monthly rent or an increase in the house price. Buying new build IMO is a bad start as they are generally overpriced to start with. Link to comment Share on other sites More sharing options...
Carryon Regardless Posted June 3, 2013 Report Share Posted June 3, 2013 Buying close to home 'can' have the disadvantage of hostile actions following an eviction. Most T's are too lazy to travel a distance to do such things if you live some distance away. Then consider bumping in to such a T on the High St following an adverse tenancy, Not so bad if your good at Origami. Link to comment Share on other sites More sharing options...
Melboy Posted June 3, 2013 Report Share Posted June 3, 2013 BTL's are purchased to make money on either the monthly rent or an increase in the house price. Buying new build IMO is a bad start as they are generally overpriced to start with. Yes I was going to say that as well but didn't want to put Antnkel off too much. Unless you have got a hefty discount off the new build and I do mean a genuine discount I too would never buy a new build. The secret to buying a good portfolio, imo, is to buy a property requiring renovation and then turn it into a BTL and then you should have capital growth, even if it a small one, plus rental income. This has always worked for me over the years. Link to comment Share on other sites More sharing options...
Valentina Posted June 3, 2013 Report Share Posted June 3, 2013 Good Morning Folks I have decided to purchase a new build to use as a BTL. Could someone be kind enough to give me a mini checklist to go through with my solicitor and builders, before releasing the funds? Thanks To make it easier for you, you can consider an agent to just find a tenant and do the general checks and use their AST. (let only) Get landlord insurance (most agents offer this through an extra cost via Homelet when completing credit checks) Secure the deposit in a DPS (Deposit Protection Scheme) Ensure you have an EPC Make sure the property is fitted with smoke alarms. Annual check by a trusted tradesman - Safety of gas and electrical appliances. Fire safety of furnishings the 'do it your self' option will cost you time and the agent option will cost you money! Hope the points help - not much but do some research via the internet. Link to comment Share on other sites More sharing options...
Valentina Posted June 3, 2013 Report Share Posted June 3, 2013 I agree New builds are usually more expensive but it may be worth it? depends on the area, price paid for and potential rental income. Link to comment Share on other sites More sharing options...
geek84 Posted September 6, 2013 Author Report Share Posted September 6, 2013 Hi Folks I have bought the property that I mentioned earlier on this thread. I am now considering buying a 2nd BTL. The above BTL I bought for cash. Can I remortgage that one in order to buy a 2nd BTL? The 2nd BTL is also a new build. In terms of whether or not it is rentable, I have asked a few letting agents and they have all given the nod, but non gave any specific figures of how much I could rent it out for. Also, in terms of researching the area, do I just inquire whether or not there are good schools/employers/transport links. Is there anything else I should consider? Thanks in advance for your responses. Link to comment Share on other sites More sharing options...
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