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Property investors/developers


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Hi there, I'm looking for advice from property investors/developers

 

Basically I'm looking into buying property as a long term investment and would like to hear from anyone who is currently doing this.

I am very knowledgeable on property developments/costs/timeframes etc but would appreciate any advice regarding accountancy, capital gains tax, pitfalls etc

 

Cheers

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As a general guide I would avoid city centre apartments as there is a massive oversupply and it is likely to be many years before that market stabilises.

 

Are you looking to refurbish or build new?

 

As an existing business I assume you already have an accountant who would be able to advise on CG tax.

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As a long term investment are you talking buy to let?

 

I think the market is now becoming saturated. I am seeing houses on the market to let 1 month and longer. This is not a good sign. I don't think there is a shortage of tenants but the current rents are to high with other prices going up and wages being static.

 

The market I believe which is on the up is the houses of multiple occupation. Under 35 year olds can now only get shared room rate of up to £65 per week. You will need to contact the council though if you are thinking of buying a house to convert to a hmo. You now may need permission depending on how many rooms you are letting.

 

As for tax it is like any other business. Income is taxable but log every expense to off set tax. Capital gains tax is something you will advise from your accountant. Timing is important when you decide to sell.

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