Andrew
Member
Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
User status: Offline
|
Me and my mate are looking at buying a flat near ours. Can pretty much see it from my mates bedroom so pretty secure etc  It's on the market for £26,000 but feel we could get it for that including fees. It's in a block of 5 flats, not somewhere i would personally wanna live but cheap and a good investment. Plus it's tiny like.
If we rent it do u need to pay some fees? i.e. does the tax man take money etc.
I could borrow the my part of the money within days just wacking credit cards to the limit and overdrafts. Got a bit saved too. All something needing to be thought through!
|
Colin
Member
Registered: 4th Apr 02
User status: Offline
|
Borrow £13k on cards & overdraft  You sure this is properly thought out?? What sort of rental income wil you see once halfed & tax declared etc???
|
Colin
Member
Registered: 4th Apr 02
User status: Offline
|
To answer the questions you only have a fee if you rent it out through an agent, unless you have someone in mind to rent it to. Tax man will take his share on whatever profit there is once the rents paid. Treated as income tax so 20% or whatever. Unless you pump the profit back into the property.
Also bit cheap at £26k, mine was cheap 2 years ago but it needed thousands put into it && mnonths hard work by myself! Is this walk in/rent out condition or wil it need money/time put into it??
|
James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
|
FFS £26k, I'm not exagerrating when I say you can't buy mobile homes for that around here 
|
Kathryn W
Member
Registered: 12th Oct 03
Location: Widnes, Cheshire
User status: Offline
|
Well Andrew lives in one of the roughest parts of Liverpool 
Andrew thing of the reasons to why its so cheap.. what kind of person would wanna live there etc? How long it been for sale? Has it seen any interest?
|
Ally
Member
Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
User status: Offline
|
exactly, if its a flat in a shite area then number one the people in the area are probably council and wont be able to afford renting, or you could go down the DSS route and have it rented via the council but thats not personally somthing i would do.
shite area, council majority, small tiny flat means its less desirable.
Not worth it imo unless its bought, rennovated for decent profit or bought for pittance with scope to rent and make a good amount each month to justify having it
|
Andrew
Member
Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
User status: Offline
|
quote:
Originally posted by Kathryn W
Well Andrew lives in one of the roughest parts of Liverpool
Bit like you  I had to move my car the other day cos loads of skallys in your street were heading towards my car 
The flat needs some work, probably a few thousands worth. But still a good investment if we can get the funds together. Might even buy to sell on once work is completed.
|
Colin
Member
Registered: 4th Apr 02
User status: Offline
|
You've got to question how much profit will be in a 1 bed flat costing £24k, needing work done (Doing yourself I gather??) once all the upgrading/decorating works paid off, solicitors fee's etc etc are paid!! You might get a couple grand.....split between both of you. I cant see it being big money though!
|
Andrew
Member
Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
User status: Offline
|
Aye!
We need to find out more details and do some sums.
|
Kathryn W
Member
Registered: 12th Oct 03
Location: Widnes, Cheshire
User status: Offline
|
quote:
Originally posted by Andrew
quote:
Originally posted by Kathryn W
Well Andrew lives in one of the roughest parts of Liverpool
Bit like you I had to move my car the other day cos loads of skallys in your street were heading towards my car
The flat needs some work, probably a few thousands worth. But still a good investment if we can get the funds together. Might even buy to sell on once work is completed.
Well i'd except a load to seen aso I live a minute walk from the town centre.. if that
Your car would only get egg'd or reversed into from the neighbour over the road
|
Kerry
Member
Registered: 5th Oct 01
Location: Norwich
User status: Offline
|
ideal opportunity to get a buy to let mortgage and get yourself on the property ladder!!!
then if the value increases in time you can remortgage and release some equity to either get another one or put deposit on your own place
|
