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Does anyone have any tips on how to go about this? Particularly interested in finding land and gaining finance. What are the challenges? What sort of money do you need?
We have a recent case study via Shawbrook Bank of Build to Rent which shares a lot of insights:And this PT interview with Matt Peddle, which goes into more detail about his property journey towards Build to Rent:
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**
Build to rent is very different from BTL
I have a project underway at present and Its cost a lot of money to gain planning permission and building regs
I have done a number of conversions in the past but I prefer building from scratch on a brown filed site
There is a lot of coss you need to factor in
are just three you need to think about
Access Roads or drives need to be planned
Then you have to decide do you run the project yourself or are you using a builder
If your using a Builder you need a Contract who will draw up the contract between you and the builder
You will need a QS to guide you and to make sure the Contractor is doing its job
You need to factor extras if your using a builder
The Project can take a lot of your time
At present I am building Tce Houses and the Groundwork's and foundations are now in I use direct labour I don't use a builder because I am experienced
I am building my houses with cash If you are using borrowed money you will have to build a plan for staged payments
the costs soon mount
One thing I did not think about was site security ??? I have now fenced of the site and made it secure
the cost was around 5K for that alone
Its a great feeling when you see it come together but its all time and the moment you start the cost clock is running
hope that helps a little best of luck.
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.
Wow DL a lot to think about! Def more attractive with tax changes and I like the idea of creating new housing. Did you start self managing? Have you always worked with cash?
I have been a landlord a long time since 1982
I used to use builders but I have to say I lost faith in them and I realised I had learned enough to self manage a project
I enjoy running the job making up a schedule sourcing martials ect
No I used to borrow money for BTL but realised after S24 that it was not wise to do so
So I am lucky that I have the profits to build for cash its going to take every penny I have for the next 4 years
but I will have a small estate of houses and an estate office when I am finished
But at the end I will have a 40% to 35% mark up on every build and very little stamp duty to pay
and I can avoid s24 with zero borrowings
So I have found my new world BTL for now is not for me
but its been a great friend and given me the money to do what I am doing now.
You will need roughly 40% of total build cost if you are borrowing from a bank. Latest building regs are far more onerous than pre 2012. Expect the unexpected. New build is expensive. However, does command a premium - is it worth selling and reducing debt elsewhere or investing into existing rental stock?
You will need a good architect, accountant and solicitor. It is not for the faint hearted!