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  • Property-a-holics

    not getting emotional

    Side question:  The 25% extra cover is a safety cushion for the lender.Yes, they do care that the mortgage gets paid, but if you cannot afford other fees associated with property ownership, then the chances are you may struggle to survive and that will ultimately impact them.Do you really want to base your figures on not being able to pay people who do a job for you or being able to afford over £1K if a boiler fails?With respect, you must treat property as a business , not just "as long as I cover the mortgage it will be okay ... ".

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    Is this down to responsible lending I take it, so
    1 -if you cannot afford running expenses then no tenant =unlikely you can pay mortgage? So they care.
    2-The safety margin, is this for their benefit to counter rate rises, running expenses or both?
    3- With what John said in his post and the video above, when regarding the 125% rental cover, does this mean you should do your DD and not get emotional as running expenses could exceed the 25% and you may have to fund the property?
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    Emotion and Property hmmm.... Each to their own I guess

     

    I never choose property based on emotions whether it be BTL or BTS.

     

    What I keep in the forfront of my mind is the kind of people/person I would like to rent/buy the property. I don't like letting or selling anything I wouldn't be happy in myself. When I focus on ideal tenants/buyers and image everything that this sort of client would want... That way i'm sure to attract the right client. I look at the basic practicalities first, the bare nessesities first. Spacious bright rooms, good gathering space, big bathroom, shower bath, garden, parking. I keep everything neutral... Cream mostly! When I find the right people for the property I then take into consideration that they want the house blue, pink, orange polka-dot! it's only a tin of paint or a dyed render or dash! 

     

    I focus on the kind of people I want to attract rather than an emotional attachment to the colour of a house or the a silly carpet.

     

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