Buy to let

[EnzoMCFC]

Long term bricks and mortar, short term champagne and cocaine

 

[DunfermlineBlue]

Long term definitely still worth it, I bought my first buy to let just as interest rates were starting to rise £60k 1 bed flat mortgage is £250 a month and rents out for £600 a month

 

[2smokinberyls smockfrocks]

Are buy to lets still profitable or better now to just put the money into stocks and shares?
There is more legislation around letting properties now and I am taking an educated guess that the number of people who miss paying rent has increased rapidly in recent years.

section 21's give the tenant 2months to leave the property.
if the tenant decides not to leave and to also stop paying the rent the landlord can't do much about it short term.
the backlogs in court for evictions mean the landlord could be waiting up to 12months to legally remove the tenant.
the court action will cost them money, as will the bailiffs, and they probably won't get the owed rent back, or the vast majority of it at least.

the law is the law.

 

[2smokinberyls smockfrocks]

The Rent reforms on the way have landlords bricking it.
Abolition of Sec 21 evictions will make it very hard to get rid of tenants.

it's all talk, it's not on the way. they're just making the right noises.
a considerable number of members of parliament are landlords.
it seems unlikely they'd vote for a reform that fucks them in the arse.

the reforms are bollox anyway because under the new rules you could still issue a section 21 if
1) you are intending to sell the property.
2) you or a family member want to move into the property.
plump for 2 and simply move your cousin's nephew in for a month and the job's reet.

but there'd still be up to 12months court backlog and unpaid rent

 

[Tuearts right boot]

Just going off at a tangent but a ' Holiday let ' could well be a better option depending on where you buy. Same income and profit more or less, no chance of anyone not paying therefore no problem evicting tennant, obvious holiday benefits to the owner. There are more responsibilties from the owner but nothing much more than BTLs ie council tax and service supplies. Get yourself a good cleaner and a good rental agent....happy days.

 

[Mr Kobayashi]

Just going off at a tangent but a ' Holiday let ' could well be a better option depending on where you buy. Same income and profit more or less, no chance of anyone not paying therefore no problem evicting tennant, obvious holiday benefits to the owner. There are more responsibilties from the owner but nothing much more than BTLs ie council tax and service supplies. Get yourself a good cleaner and a good rental agent....happy days.

That sounds like you have to do a bit of work for your money though. Might not be viable for people who want money for nothing. : )

 

[Tuearts right boot]

That sounds like you have to do a bit of work for your money though. Might not be viable for people who want money for nothing. : )

Of course you have to do a bit of work initially but once set up its less work and easier than BTLs with far more benefits.

 

[denislawsbackheel]

it's all talk, it's not on the way. they're just making the right noises.
a considerable number of members of parliament are landlords.
it seems unlikely they'd vote for a reform that fucks them in the arse.

the reforms are bollox anyway because under the new rules you could still issue a section 21 if
1) you are intending to sell the property.
2) you or a family member want to move into the property.
plump for 2 and simply move your cousin's nephew in for a month and the job's reet.

but there'd still be up to 12months court backlog and unpaid rent

Tell the landlords that are getting out of the market before the regs come in.

 

[2smokinberyls smockfrocks]

Tell the landlords that are getting out of the market before the regs come in.

to quote a line from this song
"good riddance to you."

 

[PragueBlue]

Just going off at a tangent but a ' Holiday let ' could well be a better option depending on where you buy. Same income and profit more or less, no chance of anyone not paying therefore no problem evicting tennant, obvious holiday benefits to the owner. There are more responsibilties from the owner but nothing much more than BTLs ie council tax and service supplies. Get yourself a good cleaner and a good rental agent....happy days.

Looked into both and a long-term let works out best for us. It's our home though and not a BTL property (not sure of that makes a difference). Similar income and not the hassle of constantly having to 'renew' the place for the next tenants (cleaning after every let, washing bedding etc).

Obviously different properties might provide different opportunities but from our research, long-term rental seems the way to go for us.