Buy To Let

[muna 0]

Hi Hippogriff

 

thanks for the info

 

I'm new to investment and trying to learn about it , and for that reason I asked my question at the first place

 

I intend to use a letting agent until I get some experience...also because I don't live in Sheffield

 

best wishes

 

 

[blackydog 40]

Risky strategy in my eyes, buying in an area you know nothing about. Why can't you "invest" closer to home? Some of the areas you have listed in Sheffield are nearer the bottom of the desirability list than the top, you must have similar nearer home?

Don't forget to add stamp duty to your costs if it is an additional property.

Edited December 7, 2019 by blackydog

[FinBak 12]

9 hours ago, blackydog said:

Risky strategy in my eyes, buying in an area you know nothing about. Why can't you "invest" closer to home? Some of the areas you have listed in Sheffield are nearer the bottom of the desirability list than the top, you must have similar nearer home?

Don't forget to add stamp duty to your costs if it is an additional property.

My thoughts too...There must be a good reason.

 

Properties in Doncaster, Rotherham are way cheaper than in Sheffield... for exactly the same spec property.!

 

Sheffield is way too pricey for a buy to let. IMHO.

 

[spider1 11]

On 02/12/2019 at 18:48, muna said:

Hi Hippogriff

 

thanks for the info

 

I'm new to investment and trying to learn about it , and for that reason I asked my question at the first place

 

I intend to use a letting agent until I get some experience...also because I don't live in Sheffield

 

best wishes

 

 

Been there done that my advice is as in all is aspects of life is keep things simple. Buy in your own area let to some one you know or relations no problem you will soon get to know trades . Keep away from agents vet tenants yourself . make your advert clear No pets / no smoking / no decorating / rent /bond etc you will soon get the hang of it 

[Jeffrey Shaw 90]

On 07/12/2019 at 09:19, blackydog said:

Don't forget to add stamp duty to your costs if it is an additional property.

Er, Stamp Duty  (@ 0.5%) does not apply.

You meant 'Stamp Duty Land Tax'.

For any purchase other than of one's only/main home, SDLT applies to any price of £40 000 or greater. The rates are then:

a. 3% on whole price up to & inc. £125 000; then

b. 5% on next slice > £125 000 up to & inc. £250 000; then

c. 8% on next slice > £250 000 up to & inc. £500 000, etc.

Edited December 9, 2019 by Jeffrey Shaw

[blackydog 40]

20 hours ago, Jeffrey Shaw said:

Er, Stamp Duty  (@ 0.5%) does not apply.

You meant 'Stamp Duty Land Tax'.

For any purchase other than of one's only/main home, SDLT applies to any price of £40 000 or greater. The rates are then:

a. 3% on whole price up to & inc. £125 000; then

b. 5% on next slice > £125 000 up to & inc. £250 000; then

c. 8% on next slice > £250 000 up to & inc. £500 000, etc.

 

Yeah, you knew exactly what I meant.

[Jeffrey Shaw 90]

We always have to be aware that others may not, you know.

Nobody would want to find a supposed tax rate of 0.5% turn into a much higher rate part-way through a transaction.

Be a little more considerate, please.

[blackydog 40]

On 10/12/2019 at 17:32, Jeffrey Shaw said:

We always have to be aware that others may not, you know.

Nobody would want to find a supposed tax rate of 0.5% turn into a much higher rate part-way through a transaction.

Be a little more considerate, please.

It was a warning to the OP to be aware of extra taxes she might face when buying an additional property. Be a little less sarcastic, please

Edited December 11, 2019 by blackydog