Gary Hart's Stalker
Active member
Happy New Year All
I've thought about going down the buy-to-let route for some time now and, if brave enough, will make 2015 the year I commit!
Throughout the normal course of life, I've bought and sold properties (sole residences that I've lived in) and am now in the fortunate position of having a sizable amount of equity.
Rather than ploughing it all back into another residential property, I'm considering downsizing my residential property and using most of the equity to purchase a flat to rent out. (I'd still need some of the equity as a deposit on the residential property which would have to be mortgaged.)
As a beginner landlord, I would use a letting agency to manage the tenants etc. How astronomical are their fees?
I don't have a very high risk appetite; I've worked too hard for too long to risk losing it all now, so I'd want to play it as safe as possible, i.e. flat near Brighton station. But I'm petrified that tenants will trash the place and I'll end up spending any profit on repairs, or worse, end up in debt.
I'd still be working so looking to do this as a sideline to boost my woefully inadequate pension fund!
I do have an appointment with an IFA next week to discuss financials, but just thought I'd try and get some personal experiences, both good and bad, from the wise owls of NSC. Would you recommend it? Have you done and wished you hadn't?
So please share your thoughts, by PM if preferred. I would appreciate it.
Many thanks in advance.
I've thought about going down the buy-to-let route for some time now and, if brave enough, will make 2015 the year I commit!
Throughout the normal course of life, I've bought and sold properties (sole residences that I've lived in) and am now in the fortunate position of having a sizable amount of equity.
Rather than ploughing it all back into another residential property, I'm considering downsizing my residential property and using most of the equity to purchase a flat to rent out. (I'd still need some of the equity as a deposit on the residential property which would have to be mortgaged.)
As a beginner landlord, I would use a letting agency to manage the tenants etc. How astronomical are their fees?
I don't have a very high risk appetite; I've worked too hard for too long to risk losing it all now, so I'd want to play it as safe as possible, i.e. flat near Brighton station. But I'm petrified that tenants will trash the place and I'll end up spending any profit on repairs, or worse, end up in debt.
I'd still be working so looking to do this as a sideline to boost my woefully inadequate pension fund!
I do have an appointment with an IFA next week to discuss financials, but just thought I'd try and get some personal experiences, both good and bad, from the wise owls of NSC. Would you recommend it? Have you done and wished you hadn't?
So please share your thoughts, by PM if preferred. I would appreciate it.
Many thanks in advance.
