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  • Property-a-holics

    BTL purchase - too close to my residential?

    I am wondering if other members would give their opinion on whether they would consider purchasing a rental property that you would see daily / be in the immediate vicinity of. 

    What would members feel are the pro’s and cons’?

    I am still trying on balance to decide if it’s a good thing or a bad thing. I can give lots of reasons for and against but would welcome other persons opinions. I have not yet purchased said property. 

    Many thanks Ryan.

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    Hi Ryan,

    I would regard it as positive.  You can keep an eye on your investment, be on hand quickly if you need to attend etc.

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    I would buy in the my street if it was the right deal

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.

    Thank you for the reply.

    I have added a reply to my first posting - any thoughts / advice from your experience?

    Regards

    Ryan
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    Thanks Vanessa. That was one of the main things on my mind - in a positive way. Being more specific = 

    Would members consider the house at the bottom of the garden (new build 2 bed) in adjoining street still a good idea?

    Due to existing equity in my resi - I am doing calculations if I can move to new build and purchase an additional rental as described (taking into account sect 24) and additional sdlt

    As a side issue = 

    I might naively be wrong but do developers in the current climate discount - in the current climate it can’t hurt to ask but if buying two properties I am unsure of likely discount I could get. I don’t want to look stupid asking for unreasonable discount but then again what is reasonable? The development is couple of hundred houses and only about a 1/5 have been built. 

    Any advice of either points appreciated again

    Ryan.
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    Hi Ryan,

    I don't think at the bottom of your garden is too close.  Many people have cottages on their land or a caravan at the bottom of their garden that they let out to holiday guests for instance.

    If you do go for a long-term tenant, you will just have to set clear boundaries from the start about not impinging on each other's privacy.

    As for developers and asking for a discount if buying to properties - great idea!  Ask them what discount they would offer for two properties and see what they say, I would then minus another 5% and put in an offer for both.  I was always told that in negotiation, you should always let the other person mention the first price.

    This has proven to be true.  A few years ago, my cat was filmed for a BBC documentary because he taught himself to use the toilet like a human.  It was a documentary about intelligent pets.  The producer asked me how much I wanted for the trouble of him being filmed in our home.  I was thinking around £250, but I kept quiet and asked her what she had in the budget.  She replied "Would £1,000 be okay for you?"!!!  If I had mentioned the price first, I would have been £750.00 less well off! Smile

    This story might interest you of when I got a 16% discount off a single new build.  

    It sounds like you are doing some good lateral thinking, so well done and good luck!

    Please keep the tribe up-dated as it sounds like you could be embarking on an interesting journey.

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    Thanks for the advice, I’ll have a look at the link.
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    Hi 

    I think if it’s a good deal go for it, all mine are within 15 mins away.

    I’ve just purchased one less than 5 mins away and it’s been easy to get to for trades men and viewings as I managed all my properties myself.
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    I owned one in the next street to where I lived and personally wouldn't do it again, daft things like in pub telling people theres damp, was condensation. Knocking on door for stupid things never again

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    I've let a house in the UK for the last 14 years while I live in France.  I've also let a house 15 mins away from me in France and the latest is I'm letting the house next door to me.  The house next door has been the least troublesome once I got over the initial set up, helping them sort out getting the utilities in their name (partly because of their lack of language skills and knowledge about how such things work here, which I guess won't be a problem in the UK).  Those further away were more difficult to manage and I trusted the tenants to do what they said they would and was let down.  I'm now selling the UK house and if I get another I intend to go full management with an agency (hopefully I will find a trustworthy one).  When I move from where I live now, if I don't sell the pair of houses to get something else closer to where I move to, I'll go full agency with those too because it's too much hassle to manage from a distance.  I'm not a professional landlord though - mainly an accidental one, having let two houses that I'd moved on from but was unable to sell, the one I live in now being my only purchase deliberately intended to eventually generate rental income.

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    My neighbour owns 2 properties in addition to the one he lives in on my road.




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