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neoquip

Member

Registered: 12th Aug 02
Location: Nottm
User status: Offline

9th Dec 06 at 19:04

quote:
Originally posted by John_C
would stay away from studio's as difficult to let and sell on.

best bet would be a 2-3 bed house. over supply of flats and houses are always in demand whether to rent or sell. no charges with a freehold title either

my 2p's worth from sum1 who does it

I've 5 studio flast in Nottm city centre, all rent out fine cus its in the centre and as parking and the price is right, it also aims at the first time renter (young person) or DSS, not a bad way to go as they pay you direct either weekly or every 4 weeks... albeit 4weeks in arrears.

Fee

Member

Registered: 16th Nov 05
Location: With AK
User status: Offline

9th Dec 06 at 23:57

Just at the beginning thinking stages at the moment....
I work for the biggest conveyancing solicitors in Edinburgh, so know the market quite well and know what to look out for....so should be ok

Fee

Member

Registered: 16th Nov 05
Location: With AK
User status: Offline

9th Dec 06 at 23:58

quote:
Originally posted by neoquip
the service charge is for the building. ie you pay a yearly fee for maintainance/upkeep of communal areas and when it wants decorating outside you'll be paying towards it.
you'll have to budget that in with the costings.

tell me about it...the factor's fees for our flat at the moment are about £650 a year

fucking ridiculous

neoquip

Member

Registered: 12th Aug 02
Location: Nottm
User status: Offline

10th Dec 06 at 00:06

wish mine were only that per flat... each studio down here is £440 every 6months!!

John_C

Member

Registered: 5th Mar 03
Location: South east, Bromley
User status: Offline

10th Dec 06 at 11:49

quote:
Originally posted by neoquip

quote:
Originally posted by John_C
would stay away from studio's as difficult to let and sell on.

best bet would be a 2-3 bed house. over supply of flats and houses are always in demand whether to rent or sell. no charges with a freehold title either

my 2p's worth from sum1 who does it

I've 5 studio flast in Nottm city centre, all rent out fine cus its in the centre and as parking and the price is right, it also aims at the first time renter (young person) or DSS, not a bad way to go as they pay you direct either weekly or every 4 weeks... albeit 4weeks in arrears.

yeah i've seen schemes like this but dont like the way dss tenants have control now of the credits or whatever they use to pay instead of the council paying. For me thats more risk than letting to professionals. I let one flat to a housing assoc. thats risk free because there paying a rent thats guaranteed by way of a lease.

Member

Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline

10th Dec 06 at 13:15

buy cheap shite buy cheap shite buy cheap shite

neoquip

Member

Registered: 12th Aug 02
Location: Nottm
User status: Offline

10th Dec 06 at 18:58

cheap.. heres 3 out of the 5 Stuidos i have.
£45k cheap good enough for ya??
doing this one at the mo... bought it Nov2005. still doing it now, finishing bits now tho.
look how it was to where i am now!
http://salsa-king.fotopic.net/c816933.html

this one is directl above it i bought 3yrs ago.. £25k!!
rented out fine.
before fore after pix here..
http://salsa-king.fotopic.net/c28865.html

this is the flat above that one (yes three all in a row, bought in 2000 for £13,800
great investment.
didn't have to do much to this one, kitchen already in it and ust wanted painting etc. its been painted since these pix were taken btw

http://salsa-king.fotopic.net/c92538.html

Member

Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline

11th Dec 06 at 08:28

christ they are cheap

Cosmo

Member

Registered: 29th Mar 01
Location: Im the real one!
User status: Offline

11th Dec 06 at 09:19

my ground rent (service charge) is nearly £1500 a year....seen fuck all be done to keep the place looking tidy in the 2yrs Ive been there though

Member

Registered: 5th Jul 00
Location: Aberdeen City
User status: Offline

11th Dec 06 at 11:21

its a feckin farce.... we pay for pot plants, this that.... only thing i see getting done is some wee gimp hoovering once a week!

Fee

Member

Registered: 16th Nov 05
Location: With AK
User status: Offline

11th Dec 06 at 12:48

it does also include our buildings insurance
but mostly just crap

we pay something like £70 a year between the flats for changing light bulbs in the hallways!

Colin

Member

Registered: 4th Apr 02
User status: Offline

12th Dec 06 at 16:55

Ive been thinking about keeping on my current flat to rent out once me & Jade are ready to buy together. It owes me half of what its currently worth, mortgage is £200/month, its in an ideal location for both long & short term renting due to the local industry & m/way network to Edinburgh & Glasgow, the one next door is rented & he pays £350/month + all bills. Im just thinking that instead of selling it to fund a bit of cash just now to put into a new home, we could start again from scratch & keep it on to rent out & sell eventually in many years to come

Would probably be a better investment than a pension fund

Fee

Member

Registered: 16th Nov 05
Location: With AK
User status: Offline

12th Dec 06 at 16:58

That's what we're thinking....
property in Edinburgh is so expensive we're never going to be able to buy a nice house!

Hopefully if we keep our flat and get an extra one for a few years...when we come back from abroad that will give us a nice deposit to put towards a house

Colin

Member

Registered: 4th Apr 02
User status: Offline

12th Dec 06 at 17:01

Yeah deffo!!

Only thing is you have to declare it as income tax which if fucking piss!!

neoquip

Member

Registered: 12th Aug 02
Location: Nottm
User status: Offline

12th Dec 06 at 22:06

and you can offset your tax. you only pay tax on profit.. so make sure you spend on doing it up and repairs!

Fee

Member

Registered: 16th Nov 05
Location: With AK
User status: Offline

13th Dec 06 at 00:22

Other bugger is capital gains tax when we come to sell it...
but with it being in both our names we can use up both our annual allowances

god I hate tax

Russ

Member

Registered: 14th Mar 04
Location: Armchair
User status: Offline

13th Dec 06 at 00:26

quote:
Originally posted by Fee
Other bugger is capital gains tax when we come to sell it...
but with it being in both our names we can use up both our annual allowances

god I hate tax

i dont mind tax, i hate the way its wasted

stuartmitchell

Member

Registered: 24th Apr 04
Location: Kirkliston, Edinburgh
User status: Offline

20th Dec 06 at 20:13

AK, have you thought about buying in an area such as Dalkeith, Musselburgh, Loanhead etc? This is what i'm going to have to do I think