Good morning all,
My family and I are in the process of buying a buy to let house. It will probably be bought by the end of May 2015.
The process is interesting to me, but also annoying. My parents are (potentially) paying £124,000 for a new build terrace house in Huddersfield. It has its own car parking space and decent garden, and is good condition but it is still too much for a buy to let I think. There are many places in Huddersfield we could have got cheaper, and a LOT more in South Yorkshire we could have got cheaper.
They will be doing buy to let for at least a few years. Personally if we (the family) got a good income from it I would like to keep it a buy to let for a long time. The thing that frustrates me is that my dad is a decent share investor and probably could have made money by at least keeping the money in shares but he's buying this house. Buying a house is a lot more hassle than buying shares!
The only reason I would sell the house is if I felt I could make more money with the money in shares... but again selling a house is a hassle!
Anyway I'm here for your advice please :)
Like I say the property will probably be bought near the end of May. Survey is done offer has been agreed etc. My father is getting the money together and the vendor is moving into a bungalow that is going through probate.
What kind of things should I subtly say to my father to make sure the vendor leaves the house in as good a condition as possible?
In my mind, the key thing is getting a tenant who will pay the rent and not cause trouble/damage the property. Personally I would want the tenant there long term- my father is coming round to that way of thinking having talked to another local buy to let friend investor. He is worried about Labour getting in and creating new tenancy laws- another reason not to vote for them. What do you think?
Any other advice on starting with buy to let would be great. We've done quite a bit of research, just a case of doing the best thing in practice now. Thanks for your help!