First time buyer/general advice wanted.

[Studio117]

I have a dilemma.

I can't afford to buy where i currently live, sw london, nice street, quiet, off road parking, large garden etc.

I've lived in plenty of council estates and genreral dumps in my time and I can't be bothered anymore.

What would be the best way of saving for the future?

I noticed on another thread getting a cheap buy to let in the north, for around 50-60k with a large deposit could be the way forward?

Even though I'm borrowing some money, at the end of the term i have an asset.

thanks

[fido]

Studio117 said:

sw london

are we talking Putney/Wimbledon/Kingston or Sutton/Chessington/Croydon? if it's the former then join the very long queue ..

[RedWhiteMonkey]

You do realise that if you buy a cheap buy to let in the north you are required to buy a whippet, don a flat cap and eat pease pudding in return?

[BoRED S2upid]

The North is a big place. A buy to let isn't for everyone, do you have the time and money to fix it if it needed a new roof? it's not just acase of buying one renting it out for 20 years and jobs a good un. I have one 40 miles from where I live and have had to visit 3 times in the past month if it was 140 or 240 miles away this could turn into a proper pain.

[Condi]

BoRED S2upid said:

The North is a big place. A buy to let isn't for everyone, do you have the time and money to fix it if it needed a new roof? it's not just acase of buying one renting it out for 20 years and jobs a good un. I have one 40 miles from where I live and have had to visit 3 times in the past month if it was 140 or 240 miles away this could turn into a proper pain.

My landlord has visited once in 2 years. The place is a st-hole and he does everything over the phone. Any visits from plumbers etc are sorted out by us then he pays the bill.


To be fair, he bought the place in 1993 for 55k, its now worth 150k, give or take, and he earns about £600-800/month from it. Not the best strategy maybe, but its sure worked for him.

[e8_pack]

Condi said:

BoRED S2upid said:

The North is a big place. A buy to let isn't for everyone, do you have the time and money to fix it if it needed a new roof? it's not just acase of buying one renting it out for 20 years and jobs a good un. I have one 40 miles from where I live and have had to visit 3 times in the past month if it was 140 or 240 miles away this could turn into a proper pain.

My landlord has visited once in 2 years. The place is a st-hole and he does everything over the phone. Any visits from plumbers etc are sorted out by us then he pays the bill.


To be fair, he bought the place in 1993 for 55k, its now worth 150k, give or take, and he earns about £600-800/month from it. Not the best strategy maybe, but its sure worked for him.

My sister is selling their second house in Sheffield, its just been a pain for them, you might be good tenants but you could get bad ones. A friend of mine had a house and his tenants didn't pay, took him 2 months to evict them and when he got there the place was trashed, he had to fix it up then it stood empty while he tried to Getty some renters. Its not all roses.