Plan B - Bought to Let

[SimonMac]

On our first one, we spent too much doing it up, wooden floors, berber carpets, nice kitchen and bathroom. Didn't lose anything, but it all had to be replaced anyway when a long term let finally bought a house, so we just about broke even on the first couple of years.

My advice, would be to get hardwearing stuff, but not expensive. Factor in redecorating it every let, and, this is a good wheeze, say they can decorate it any colour they like, if they return it to magnolia when they leave. You'd be surprised how many take this up.

Dont be afraid to pay an agent to find you someone, and monitor them for the frst 6 months, by then you'll have a good idea of if you cna trust them, so you can let directly to them.

Get good insurance. If you aren't in the area, get someone you trust to keep an eye on the property. We have a handiman whom we pay a small retainer each month, to pass an email about one property of ours (he lives next door).

We offer a month off if they pay a year up front, as it removes any hassles and potential issues. Pay this straight to the mortgage if you can pay the mortgage yourself as it really does knock big holes quickly in the mortgage and you'll end up paying it off an awful lot sooner. If you are looking at it as an investment, this quickens the return. We've been doing it since 2002 and whilst there have been some downsides, they have luckily been few and far between.

Don't expect them to treat the house with any respect and factor this in.

Good luck.

I am already putting good quality stuff in, rather than "expensive". I am not going OTT but its not going to look cheap, did you ever leave any white goods in? I know worse case I can either sell or free cycle the stuff before I get tenants in, I don't know if people now expect these things in when they rent privately.

As for the money, I will stick the excess rent in an offset mortgage account as well as I said about £5k for emergencies so the interest will be reduced and I can pull the money out if needed.

[MarillionFan]

Sorry, it's not a subject I have any experience of.

[SimonMac]

Sorry, it's not a subject I have any experience of.

When's that ever stopped you?!

[Old Hack]

I am already putting good quality stuff in, rather than "expensive". I am not going OTT but its not going to look cheap, did you ever leave any white goods in? I know worse case I can either sell or free cycle the stuff before I get tenants in, I don't know if people now expect these things in when they rent privately.

As for the money, I will stick the excess rent in an offset mortgage account as well as I said about £5k for emergencies so the interest will be reduced and I can pull the money out if needed.

We put fitted kitchens in, as they tend to be discounted quite well. All the agents we've spoken to believe it adds value. It's only a F/F and WM, after all. Get good landlord insurance, as they can and do payout if anything goes dramatically wrong.

It's little things that cost, if it's all new to start, not much will go wrong. In one place we put halogen lights in, and the tails kept going, which at £1 wasn't a big deal, but as I wasn't there, we had to pay the handiman to put them in, so it pays dividends to think about how to make it low maintenance. So whilst 8 pretty downlights make it all look purdy, thats 8 bulbs, and 8 tails you will end up replacing maybe twice a year. Just got for simplicity.

Our second one was far different than the first!

One other note, is that when we do buy anything expensive, it's normally through ebay on a pukka auction. You can bag some bargains there. We paid £10 for a £300 shower. Also around £20 for some lovely chrome detail work in the plumbing area. You dont have to spend an absolute fortune to make it look nice.

[Old Hack]

Sorry, it's not a subject I have any experience of.

Shouldn't this simply be your signature?

[SimonMac]

We put fitted kitchens in, as they tend to be discounted quite well. All the agents we've spoken to believe it adds value. It's only a F/F and WM, after all. Get good landlord insurance, as they can and do payout if anything goes dramatically wrong.

It's little things that cost, if it's all new to start, not much will go wrong. In one place we put halogen lights in, and the tails kept going, which at £1 wasn't a big deal, but as I wasn't there, we had to pay the handiman to put them in, so it pays dividends to think about how to make it low maintenance. So whilst 8 pretty downlights make it all look purdy, thats 8 bulbs, and 8 tails you will end up replacing maybe twice a year. Just got for simplicity.

Our second one was far different than the first!

One other note, is that when we do buy anything expensive, it's normally through ebay on a pukka auction. You can bag some bargains there. We paid £10 for a £300 shower. Also around £20 for some lovely chrome detail work in the plumbing area. You dont have to spend an absolute fortune to make it look nice.

A full set or kitchen carcasses off eBay for £270 when the same ones were going for about £45 each just for a 300mm one in B&Q

[Old Hack]

A full set or kitchen carcasses off eBay for £270 when the same ones were going for about £45 each just for a 300mm one in B&Q

That's the trick indeed!

I found some lovely floor tiles, 500mm*500mm and bought what I thought was enough at £12 sq m

I was 3 sq m short and they were retailing at 85 sq m. That hurt a little. It was a simply newby mistake on measuring up.

[d000hg]

Suggest getting a couple of local estate agents to come and view it, and ask them for advice. They'll tell you about what standard the area expects for typical tenants, etc.

[SupremeSpod]

On our first one, we spent too much doing it up, wooden floors, berber carpets, nice kitchen and bathroom. Didn't lose anything, but it all had to be replaced anyway when a long term let finally bought a house, so we just about broke even on the first couple of years.

My advice, would be to get hardwearing stuff, but not expensive. Factor in redecorating it every let, and, this is a good wheeze, say they can decorate it any colour they like, if they return it to magnolia when they leave. You'd be surprised how many take this up.

Dont be afraid to pay an agent to find you someone, and monitor them for the frst 6 months, by then you'll have a good idea of if you cna trust them, so you can let directly to them.

Get good insurance. If you aren't in the area, get someone you trust to keep an eye on the property. We have a handiman whom we pay a small retainer each month, to pass an email about one property of ours (he lives next door).

We offer a month off if they pay a year up front, as it removes any hassles and potential issues. Pay this straight to the mortgage if you can pay the mortgage yourself as it really does knock big holes quickly in the mortgage and you'll end up paying it off an awful lot sooner. If you are looking at it as an investment, this quickens the return. We've been doing it since 2002 and whilst there have been some downsides, they have luckily been few and far between.

Don't expect them to treat the house with any respect and factor this in.

Good luck.

Is this real or another exaggeration?

[Old Hack]

Is this real or another exaggeration?

You're not so good at this are you?

Are you a touch retarded, and can't work out context yet?