Buy to let question

[steve1]

Firstly i do hope this is in the right section, if not I'm sure it will soon be moved.
I have recently decided to buy a rental property with some money I have recently aquired, just to give my monthly income a "top up", been through the investment topic over on the finance section, and seeing as i don't want to risk it on the markets, property was my next choice, ( I want a monthly income ).
Have started to do all the normal searches, and have actually started physically looking at properties, but I want to make sure I get the right one at the right price, ( don't we all ), after all, it will be a mid/long term investment, so would like some profit at the end when I do sell.
My question is, for some reason retirement properties keep popping into my head, and would like some advice as to whether these make sense as a "buy to let" investment, after all, the one thing about life is, we are all getting older.
Your thoughts please.

[BoRED S2upid]

Sounds good for a long term rental, they are unlikely to move once they are settled and you could be lucky and have tennants for many years you certainly won't have the worries you will with students and the likes trashing your house not paying rent etc... your rent is going to be less than the more risky buy to lets like students but you will be getting less hastle in return.

[james12345]

My only experience of retirement properties is when my nan bought one. The only things that you may fall foul of is that you have to be a minimum age in order to own a property, and you may also find the leases are a lot more restrictive, and may not allow buy to let to be used for them. Only way to find out, I guess, is to go and ask!

We have 3 BTL's, and all have been bought requiring work (new kitchen, bathroom, decorating), and the main decision as to whether we bought them was would we live there? If so, you're more likely to get people like yourself in the property.

[steve1]

I know what you mean about age restrictions, but a lot of them just stipulate about occupying them over a certain age, but asking is always a good route.

[andye30m3]

Do they tend to have high service charges?

They do seam to be significantly cheaper than non retirement properties, there must be something to put the BTL investors off.

[steve1]

andye30m3 said:

Do they tend to have high service charges?

They do seam to be significantly cheaper than non retirement properties, there must be something to put the BTL investors off.

I think a lot depends on whether they have a warden on site, and emergency call systems, but like other app. blocks they do vary.

[Aviz]

Don't forget capital gains tax either ! There's ways to mitigate it, but I'm amazed at how many of my mates have second houses, and don't even know what it is !

[steve1]

Aviz said:

Don't forget capital gains tax either ! There's ways to mitigate it, but I'm amazed at how many of my mates have second houses, and don't even know what it is !

Wait until they come to sell them, they will then.

[Aviz]

steve1 said:

Wait until they come to sell them, they will then.

That's what I keep trying to tell them !