UK Landlord Forum / Life

Hi all,

Im a wannabee Landlord and have the opportunity to buy a property to rent out so im trying to do lots of research. Im looking at properties in Cornwall and have seen some houses in my budget but need some work and some flats that are immaculate. Is it worth trying to scrape the money together and get a house or buy a flat where I don't have to do much? The only thing that scares me off with flats is they usually come with additional maintenance cost due to being leasehold and with my experience of knowing people that have renting out flats that they get damp problems, but the tenants do leave their wet washing hanging around inside due to no garden. Any advice greatly appreciated, thanks.

Steve.

Personally would never buy a flat again.The problems you mention are one thing,but also the possibilities of hassle with other leaseholders,poor management companies etc.also would put me off.Times have changed a lot,and in this area (Warwickshire) renters are more keen to find somewhere to make a home for the future.Is doing holiday lets, with or without an agent,worth considering? It would be a house for me.

I also have 1 apartment in my let properties. On one hand, each and every Tenant in there has never given me any trouble - usually as quiet as mice. On the other hand, the Service Charge, Ground Rent, Insurance are all major outgoings... some of which you'd just not have with a house, and all of which you'd get to choose. On the other hand, it brings in a lot of money each month... but I would swap it for 2 modest houses any day. Service Charges escalate and escalate... in a never-ending battle for more and more... I dread the day one of the lifts needs replacing, there's a Sinking Fund defined now, but I can't imagine it would cover that outlay (yet). Freehold houses are where it's at.

Good advice ive heard some horror stories about hidden charges and will definitely be going for a house. If i had trouble trying to get Tennant's i could always look down the holiday let route.