UK Landlord Forum / Life

Does the average BTL landlord do a ton of DIY? I have a disability which means that most DIY is simply impractical, meaning I will likely never pickup DIY skills, except the ones that involve no hand strength or dexterity (lol).

Currently scouring https://www.propertyinvestmentproject.co.uk/ and other websites, apologies if there is an article on this already that I just haven't seen yet.

I own a house outright and would like to let it out whilst I rent elsewhere. Hoping the lack of a mortgage to pay means I will still profit, even if I have to use tradesmen for every little thing and fully managed estate agent services.

Thanks

Yes,I would say it could still work for you.I would think twice though about  taking the fully- managed route.Once a tenant is in situ,the rest is often money for old rope.You will save money by using tradesmen of your choosing.Not only will the agent take 10-15% commission,but they will often use the most expensive people in your town,and pander to tenants who expect every tiny problem to be sorted for them. I assume you intend staying in the local area,so inspections should not be a problem.What you do need to think about is not your lack of DIY skills,but your potential lack of financial resources should you end up having to evict due to rent arrears,or end up with a lengthy void.Could you still pay the rent on your new place? 

I don't think not being capable of DIY is much of a problem, I'm as ham fisted as they come but in a well kept property most jobs are simple/inexpensive to have done.. but renting your property out and paying rental on a smaller/ cheaper one does have capital gains tax implications.. have a chat with a decent accountant before you go much further.. it may be a headache depending on how much your current property has risen since you bought it and you'll need to know the value at todays rate before you let it out.. take your time and remember that being a Landlord is not all Beer & Skittles.. there are some hideous situations to find yourself in as I am currently discovering.... the law is never going to be on the side of common sense..

I would err on the side of caution... there's never any guarantee about what expenses could come your way once someone else moves into your house - and that tidy little profit could easily become red vs. black. Sure, it might be well-maintained, and you might think you being hands-off and passing it to 'professionals' to manage will insulate you from pain and trouble - but if it doesn't it could easily become a millstone around your neck... and you might need some DIY skills then. You have all your eggs in one basket with this venture - it's hardly ever recommended. I've always said that playing around at being a Landlord is better when your own home isn't at risk... by definition, here, this is your own home, your only home, your only property... to contemplate letting out your mortgage-free home so you can rent somewhere else, while taking the cream from the top, seems almost deliriously optimistic to me. I would probably not do it. If I didn't want the home I had then I would consider selling it and getting someone I did want.