safccfas
Winger
Yip. Dont do it. Youll pay buying fees etc. Youll be taxed. Things will break.
They arsnt
You receive 20% tax relief on mortgage interest payments
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Yip. Dont do it. Youll pay buying fees etc. Youll be taxed. Things will break.
They arsnt
If something goes tits up, are you in a position to fix? Or would you benefit from getting an agency to do it for you?
Do you have a tenant lined up?
What sort of deposit do you have? Most banks will only lend up to 80%.
Not where you could discount your interest entirely against your rental income. You get something like 20% discounted.Yes there are
Just a buy a house and live in it ffs.I’m going to be moving back up Sunderland this summer, and my plan is to buy a house to let it out when I get home, and live in my Mam’s annex (anar anar shameful but she lives on her own now since me Step Dad died and my brother who lives nearby is useless frankly).
Obviously I’m going to do my research, however I’m aware buying to let is very different to buying ordinarily. Any advice?
I’ve got the option of overpaying on it, which I will, but need a pot of money built up for things going wrong first. I’m not far off that. The tenant is no bother & it’s in a fixed rate, so I’d have to pay to get out now, but selling it is a consideration for when the time is right.Seems daft to keep it now then if you have any equity in it, although if we had kept our first house it would have came in handy for me now.
Not where you could discount your interest entirely against your rental income. You get something like 20% discounted.
I’m going to be moving back up Sunderland this summer, and my plan is to buy a house to let it out when I get home, and live in my Mam’s annex (anar anar shameful but she lives on her own now since me Step Dad died and my brother who lives nearby is useless frankly).
Obviously I’m going to do my research, however I’m aware buying to let is very different to buying ordinarily. Any advice?
My humble brag is I've been losing money hand over fist on a rental property for a number of years. I'm now trying to sell but my tenant, on council advice, won't leave. So I'm going to get hit for a couple more grand having to have the bloke evicted by a court which I don't particularly want to do. It's brilliant.Humble brag there?
So if you're a basic rate tax payer, then it's fully tax deductible
Agree with this mind. Imagine pulling a lass and taking her back to your mams annexe.Just a buy a house and live in it ffs.
Unless your Mam needs you there as a carer.
From all of this I’m starting to think it’s a bad idea!
Guess, I just need to figure out investing now.
Same here. Bought my first flat in 2005 and I’m pretty sure it’s still underwater on the original price I paid.I’ve got one. Was our first house, not an investment. There’s loads of costs associated that people don’t think about. Boiler certifications, electrical certifications. Mortgage is way higher than it was a few years ago.
The years profit we get after costs would he more or wiped out if the boiler went.
I wouldn’t bother
Aye, the one thing I didn’t mention in my first post was we bought it for £71k, which what seemed like days before the recession around 2007, might have been 2008. Last time I got revalued for a mortgage they says £65k. It’s a 1 bed cottage in Southwick, so has its own ceiling price & nobody would buy a 1 bed as an investment property, it is what it is.Same here. Bought my first flat in 2005 and I’m pretty sure it’s still underwater on the original price I paid.
Generally speaking I’ve had no bother with tenants in the 13 years I’ve been renting out but I don’t make any profit on it and the frequent unexpected bills are a nightmare. Just had the waste in the bath go which flooded the bathroom and I’ve got £2.5k to pull out to get it replaced and the bathroom redone. In the past 5 years I’ve had to replace a boiler and a kitchen so probably £7k in total put back into it. When the mortgage is repaid I’m getting shot of it. I make more from crypto and my s&s ISA.
Mine was one of those new build apartments that were popular in the early 2000s. I paid £120k for it and I think I’d be very very lucky if I managed to get a £100k for it now, probably more like £90k. Shame as it’s actually one of the better builds in a reasonable area but it’s also got a ceiling so hard to shift it and make the money back. One of life’s lessons not to be hasty with property.Aye, the one thing I didn’t mention in my first post was we bought it for £71k, which what seemed like days before the recession around 2007, might have been 2008. Last time I got revalued for a mortgage they says £65k. It’s a 1 bed cottage in Southwick, so has its own ceiling price & nobody would buy a 1 bed as an investment property, it is what it is.
I know a local letting agent who has said recently cheap properties in traditional cheap areas are starting to break their ceiling for the first time in a long time. How that’s affected my property I don’t know.