Buy To Let

[muna 0]

Hi all

This is my first post here

I live in the Midlands and looking to buy a house in Sheffield to generate an income ( buy to let)

My budget is £110.000

Is it likely to find a house with this budget in a good/ reasonable area? good tenants?

 

Thanks

[geared 300]

With that budget you want a flat not a house, city centre location.

 

Quick shifty on rightmove shows a pretty decent number so take your pick, you probably can't go far wrong with something inside the inner-ring road.

Edited November 19, 2019 by geared

[muna 0]

Thanks geared

 

with a flat, I have to pay service charge and ground rent... But I've found some freehold houses on right move , for £110.000 and less

Mainly in S2 at :

Freston green

Dovercourt rd

sky edge av.

stafford rd

Manor lane

Saunders rd

south end place

Outram rd

 

do you think they are reasonable areas, what type of tenants live there

Many thanks

 

[amazon123 17]

I was going to suggest S2 as an option for that budget in a decentish area - perhaps around Norfolk Park but that might be pushing it. If not, perhaps further out at Handsworth.

Edited November 19, 2019 by amazon123

[muna 0]

Many thanks amazon,

I'll check the areas you've suggested

[SkyeEdge 10]

Skye Edge Avenue is nice - fairly quiet and I have never had any trouble, I have lived there for six years.    The houses are quite nice as well with decent sized rooms.  However, they are building a lot of new homes in front which means increased traffic and noise, not so peaceful as when we just had the hillside.

[Jeffrey Shaw 88]

13 hours ago, muna said:

with a flat, I have to pay service charge and ground rent

 

 

Yes- and, more to the point, many flats' leases restrict the leaseholder's entitlement to sublet.

If you do buy a flat, ensure- before exchanging contracts- that your solicitor investigates this issue in detail.

[FORE 12]

IF you want it to be a HMO,  check that it's not in the Council's 'Section 4' areas.

 

Before you take the step, watch Nightmare Tenants, Slum Landlords' on TV a few times!

 

You don't just sit down and watch the rent coming in, and the government are continually making rules more difficult for the landlord.

[Jeffrey Shaw 88]

True. For even more landlord-frightening scenes, watch

Pacific Heights: https://www.imdb.com/title/tt0100318/?ref_=adv_li_tt

Edited November 21, 2019 by Jeffrey Shaw

[spider1 11]

On 19/11/2019 at 23:43, amazon123 said:

I was going to suggest S2 as an option for that budget in a decentish area - perhaps around Norfolk Park but that might be pushing it. If not, perhaps further out at Handsworth.

NO keep away from Handsworth  its full best deepcar chapeltown area 

[muna 0]

thanks Sky edge, Jeffrey, Fore and Spider

Actually I'm new to investment and the information you provided is very useful learn more about buy to let

 

Thanks

[Hippogriff 10]

I've been doing this Landlord gig for quite a while... and continue to do so... despite what I predict is coming around the corner if any Government gets into power that has an ability to push through an agenda... and I would, genuinely, urge caution - to think of this now is implying you've kinda missed the boat, at least a little bit.

 

You're also breaking a Landlording 101 rule... invest close to where you live. This is along the lines of... don't let to family or friends. Just as a general rule, you understand?

 

Your plan seems like a flight of fancy to me - your questions are too naïve - "what are the Tenants going to be like in specific areas?" - that's not even remotely how it works. You cannot judge Tenants on the locality. You judge Tenants on your own impressions, their employment (or not), their credit histories and references! If you want to dip your toe into this area then proceed - but circumspectly - unless you want to effectively be a silent investor and pass over a portion of your income to a Letting Agent who will fully manage your property, then get something close to home you can manage effectively. Midlands to Sheffield is insane. I found it annoying enough just the other night when a Tenant 7 miles from me required me to pop over and re-pressurise the boiler because of something they'd done - the boiler is fine, well-maintained - it was down to them, but trying to explain how to turn 2 valves on the underside to sort it was beyond them, so it required me to take a trip over - 20 minutes at the property all is good again (and, yes, I had explained how to do that at the Check-In but people forget) but it was still an hour out of my night.

 

So... closeness to the property, general knowledge you've displayed, Government agenda, Brexit uncertainty - they all say "wait" to me. In my experience the only thing you've got right in this is your desire to avoid Leasehold apartments (for reasons you understand). Good luck.