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  • Buy-to-Let

    Good spec. house - not so good location

    'Short lets' sounds dodgy to me, if your insurance allows it, (mine wouldn't).

    Its not one of these Airbnb get rich quick schemes that are doing the rounds on the internet is it?  

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    Thanks Bernie.

    No this company is already paying me guarantee rent on another property of mine.

    So far they have been regular and only give the flat out to professionals for short term.

    Thanks for flagging the insurance up. I will chk it out.

    Regards\

    Rekha

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    You asked for advice.  There is a wealth of experience on here and they are overwhelmingly telling you not to do it.  So would I.  Location is everything.  But you seem to have already made up your mind to go ahead, so I will try to answer your question "How does one peg one's price based on that"

    I had an ex-council semi.  Lovely house in great condition.  The area got worse and when I came to sell no-one would touch it.  Similar houses a couple of streets away were going for £150k.  I had to let it go for £10k.  That's how much it can affect the price.  And it can go all the way to zero.  In my experience dodgy areas don't get better (unless bulldozed and re-generated).  Dodgy areas tend to get dodgier.  You could lose half the capital on your house or even all of it.  So you need to factor into your figures whether a good rental income could cover any losses in capital over time given the price you initially pay.  And don't forget the demographic in these areas tend to be those who are more likely to default on their rent.

    p.s. don't trust any rental guarantees - they can have a habit of evaporating into thin air.

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    Yes you are right..It will take years for the area to come up to speed.

    Thanks for the advice.

    Regards

    Rekha

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