UK Landlord Forum / Life

I have been considering buying a few buy to let properties for a while now and am finally in a position to buy my first property. This is a totally new thing to me and am thinking about a few options and am really looking for some advice. I am also considering buying to do up and sell on as I quite fancy that as a potential change in career. My thoughts on buy to let were to buy somewhere that needed a bit or work, do it up rent it out then remortgage at some point to free up some money to buy my next place. What are people's thoughts on this? Also if you buy somewhere, do it up and sell it is it true that it's difficult for the buyer to get a mortgage if one has already been taken out in the last 6 months?

Also what are people's thoughts on the governments changes that are coming in, will they have a big effect on landlords and future property investors?

Quote from: TheBadger on March 04, 2016, 02:21:32 PMI have been considering buying a few buy to let properties for a while now and am finally in a position to buy my first property.

Good for you, but why? Not a challenge - just asking you why you want to do this?

QuoteMy thoughts on buy to let were to buy somewhere that needed a bit or work, do it up rent it out then remortgage at some point to free up some money to buy my next place. What are people's thoughts on this?

You're saying it like it's some kind of new idea? That's how most Landlords and Property Developers work.

QuoteAlso if you buy somewhere, do it up and sell it is it true that it's difficult for the buyer to get a mortgage if one has already been taken out in the last 6 months?

Can be difficult to get a mortgage on a property in that timeframe even if you've not "done it up".

QuoteAlso what are people's thoughts on the governments changes that are coming in, will they have a big effect on landlords and future property investors?

They're certainly not good news? How much detail do you want from us that you can't get elsewhere?

Quite a few questions there I know but I'm a total novice at this. I've always fancied property development since I was at uni and I had a stint as an estate agent. I want it to boost my salary and my savings aren't  doing much in my 0.25% ISA. I have been reading some info on the Internet about the changes which is making me wonder how viable it will be in a few years, I guess it's about buying the right place at the right price. Always fancied property development as a career after doing up all the houses I've owned. How long after buying a place would you have to wait to remortgage to free up some money?

Well, it depends on what you mean by "do up".

I've been doing up a house since September 2015... I'm about there. For me that's meant stripping wallpaper, filling-in walls, sanding, painting, new skirting board, modernising fireplaces, garden work, reconfiguration, laminate, carpet and then stuff I need professionals for - new central heating, full rewire, I got a kitchen fitter... it's been a lot of work, only a 3 bedroom terrace and we're at around 6 months, so it shouldn't matter to most.

My other half, on the other hand, well, she thinks doing a place up involves her engaging people to do the work, while she makes a few phone calls and comes in to check on progress.

One is probably quicker than the other... each Lender will have their own rules... talk to a Broker, maybe?

Thanks for the advice, I think I will have a chat with a broker and see what they say. I have someone who can do most of the difficult stuff like plumbing but things like painting, decorating, hanging doors, putting on skirting boards etc I can do myself. I always look forward to a challenge and I think whatever I do is definitely going to be that.