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Hi PT members,
It was a bumpy ride but finally we have purchased our second house and turn our main residence into BTL. We have renovated new ( old ) house and started receiving healthy cash flow from BTL. Thank you Vanessa and other members for your advise. This would not happen or will take perhaps much much longer if not for your input. Finding good mortgage advisor was crucial too. Our houses are within 100m radius so popping in and out while refurbishing is not a problem - very helpful.
Now, with all this Brexit uncertainty, not knowing what will happened with BTL we are thinking of alternative solutions.
We have planned second stage house extension and renovation of second house for Autumn 2020. We will then have two houses worth around 680-700k each with 60% equity. I thought we could leave UK and go back to Poland ( where British government wants us to go ) and keep renting both houses or sell them and invest on Polish property emerging market.
Hard choice as we love our London bureau community but we don't feel welcome anymore and I fear it will cripple our kids chances to get to good grammar schools and then find a good jobs in the future.
Sorry for this hard to reply open question
Many have the same thoughts. All I would say is the economy has done very well over the last few years and property prices in the main cities have shot up. The current government is giving away money hand over fist ( latest those under 26 will pay no tax) where is it coming from? EU money has propped up the economy with infrastructure spending and when this stops I can see problems arising.Generally the cost of living is rising and things are getting expensive.Try and find a builder, plumber, electrician all now charging much higher prices - if you can find one. prices- just crazy. 3/4 years ago you could employ a plasterer for 25z per hour now they want 125z per hour.Cost of building homes is very costly today.However plenty of jobs for the young and depending upon the current government policy ( big question) over time should be much better for the future generation. Same problem has the property market over extended its self and I would suggest it has for now.
Your email is spot on. It is true that finding builders in Poland become difficult and expensive. There is no workforce in Poland and we have to rely heavily on Ukrainian and Chechenian labourers. I do agree that property prices in big cities like Warsaw or Krakow are very inflated. There are however pockets of good investment like here in North with agricultural land being on top of my list.
5 years ago I have spent 40k to fully renovate and extend whenever it was possible my first house. It won't be that cheap and easy this time. We have to wait a year for them for a start and we are looking to spend around 75k.
That socialist government is a trouble too and it looks like they are there to stay for another 4 years What will happen then it is hard to predict but nothing good.
Aghh, choices choices.
Czesc, My wife is Polish. I'm always thinking about investing in Krakow or Warsaw. I often think about student HMO's over there near the medical schools. Have you ever spotted anything or know of a good property website? Dzienki
Thank you Jasmine for those kind words. Perhaps not limited but they may have to try harder to fit in. Like we did. I still have that sense of not belonging and being on the edge of the parents groups at schools. We have managed to make friends and I will miss my time in London for sure.
I am not blaming English just to clarify, I think English people are mostly very welcoming and open minded. I am not so sure I will act same towards Ukrainians in Poland It is our yearning for the country we have been brought up I guess and staying close to family.
It is probably just in our heads. That narrative on media makes us think that way too. Again, I do understand far right point of view.