Reply to: Plan B - Bought to Let

[Sysman]

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.

During my contracting career I've rented quite a few places that were partly or fully furnished and for me, cheap and nasty was a real put-off. Give me "expensive" fittings and I was more likely to take care of them.

White goods or not? A fair few new houses seem to have them ready fitted nowadays so it might be the norm for rented places too. As a contractor I have bought my own where the place I was renting failed to deliver. It's amazing what you can pick up from the small ads in the local post office (400 quid fridge for 60 was one of my better bargains and I could afford to leave it when I was done).

Auctions can offer some real bargains too, but be prepared to come away with nothing on a day when the prices are too high.

[SimonMac]

Sell up, put proceeds in Vanguard income fund, get on with life.....

Now funny you should mention that, looking at other properties selling I am sat with about £45k equity on a £115k house, not mega money but decent none the less

[lukemg]

Sell up, put proceeds in Vanguard income fund, get on with life.....

[SimonMac]

I always wondered when there was going to be a remake of Dumb & Dumber. So far it's as tulip as the first one.

Dumb and Dumberer: When Harry Met Lloyd - Wikipedia, the free encyclopedia

[Old Hack]

I always wondered when there was going to be a remake of Dumb & Dumber. So far it's as tulip as the first one.

Can't beat the original now, can we MF...

[MarillionFan]

Let me know how that works out for you. Not too good so far, eh?

Nope, working grand thanks; I have no problems pointing out your stupidity and not giving a tulip about what you're saying. In fact, it kind of works hand in glove.

I always wondered when there was going to be a remake of Dumb & Dumber. So far it's as tulip as the first one.

[Old Hack]

Let me know how that works out for you. Not too good so far, eh?

Nope, working grand thanks; I have no problems pointing out your stupidity and not giving a tulip about what you're saying. In fact, it kind of works hand in glove.

[SupremeSpod]

...and I'll carry on not really giving two tulips what you think.

Permie posting on a contractor board. Sheesh, how ******* lame is that.

Let me know how that works out for you. Not too good so far, eh?

[Old Hack]

I think I'll err on the side of caution and just assume that all of your posts are complete fabrications.

...and I'll carry on not really giving two tulips what you think.

Permie posting on a contractor board. Sheesh, how ******* lame is that.

[SupremeSpod]

You're not so good at this are you?

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

I think I'll err on the side of caution and just assume that all of your posts are complete fabrications.

[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?

[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?

[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.

[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.

[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