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Hi Tribe members,
I'm thinking of buying a BTL in Cornwall. I'm lured by the appeal of living there one day so I'd like it to be a home for me at some point but it would be good for it to also be a decent investment.
Whats your view on investing in Cornwall?
Which are the top Cornish towns?
Any thoughts on Hayle?
It's great that you are considering buying a BTL.
I don't have any experience with investing in Cornwall, but I would like to share my thoughts with you.
Firstly, I would recommend that you focus on buying a good property that is in demand and NOT a property that you would like to live in one day. Think of it this way; the property that you buy as a BTL could eventually fund your dream property in Cornwall when the time is right. Don't get emotionally involved, think with your mind and not your heart as property investing is a business.
Secondly, I would recommend researching an area yourself first, and then maybe asking some specific questions. There are some great resources on Property Tribes that will help you conduct your due diligence and you will feel more confident knowing that you have thoroughly checked the facts for yourself.
I know this is not the answer that you were expecting, and someone else might reply with some knowledge of Cornwall, but I feel they are important thoughts that I had to share with you.
Best of luck and please let me know if I can help in any other way.
Creator of monoperty.com
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I think that's great advice from Andy Walker! If you're looking at properties with that aim, you'd have two requirements to fulfill - is it the right size/type/condition to rent out, AND is it where you'd like to live one day. You may strike lucky and find both in one, but it may muddy the waters for you and result in a bad decision.
Assuming this is your first BTL, the amount of info out there can be overwhelming, especially when considering your first BTL property, but applying a good coat of common sense is priceless. The most obvious consideration, and a good starting point - if you want to buy a property as a BTL, consider this research for the area you're looking at - the rental demand, the type of tenant you may get in that area, quality of local letting agents, local authority rules & regs (which can differ from place to place) etc. Thinking it through logically, and remembering at all times what it is you're doing - buying a rental property as a business venture - and you'll get there. There are investors who have inherited property in typical holiday hotspots, and have managed to successfully turn those into long term lets, with the aim of retiring there themselves one day - that's more a case of having to find a solution that works. I believe it's harder to source and buy a property that fits the bill of BTL now / retirement home later. But not impossible!
Finally, pick a couple of reliable, honest and knowledgeable people to bounce ideas off, before you commit yourself to anything. You'll come across these people as you start to explore this field.
All the best
Freelance Administrator for Property Investors / Entrepreneurs
Find me on LinkedIn: http://www.linkedin.com/in/heleneade/
Did you see Countryfile!?
Apparently residents of St Ives are voting to stop 2nd homeowners
This could happen in other areas of Cornwall!!??
Something to factor in when you are considering viability!!
Interesting article on the Cornish property scene:With palm trees, turquoise water and a relaxed way of life,Cornwall has always been a second-home owner’s paradise and holiday destination in England.
But this is changing. Agents who once took countless requests for second homes in the UK’s sunniest county are now seeing increases in the number of those buying principal properties in Cornwall. Between 20 to 30 per cent of Cornish home owners are second-home owners, but with new stamp duty charges, buyers looking for primary residences are on the up.Full/source article
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**