Chit Chat
There is currently 1 person viewing this thread.
These 173 comments are related to the topic:
does anybody live in Dudley or the Black country ?
does anybody live in Dudley or the Black country ?
sort by:
Show
per page
Replies: 173
|
By:
What are you buying to let for 30k, a hot-dog stall?
|
|
By:
No lol
My plan would be to put 35k down as a deposit on a decent house worth around 100k once i owned an apartment outright (would this make me a bit more credit worthy?) I'd rent the house out to cover the payments for the next 10 years until i owned it outright I might even let the apartment & go to live in the house in future as i gradually owned the house Would that make sense  |
|
By:
Depends a lot on your circumstances, but I'd spreadsheet it up first as it's not as lucritive as I think you're imagining. Look at the rentals in that area and calculate your expected net yield.
Take a 100k house with repayments over 20yrs at 5-6% (a level higher than now, but you'd want to be able to live through). The payments would be around £400-500 which may well be higher than the rents you're likely to get in whatever godforsaken hole you can buy a house for a 100k for. Then you have costs (annual CP12, repairs, boilers, advertising costs etc)... |
|
By:
Some cheap new build apartments on Belle Vale in Halesowen. Not a bad little area.
http://www.findaproperty.com/for-sale/property-11324654 |
|
By:
"Culture shock"
 Anyone would think the OP is moving from the Gorbals to an Islington wine bar! In fairness (though i know nowt of the black country)I doubt the people are THAT much different from one side of the city to the next.Go to nay town or village in the uk and the next town will say the local town is full of weirdoes/nonces/morons/drunks/chitchatters etc Good luck btw Mcm |
|
By:
Go to nay town ..
I thought you knew nowt of the Black country Bon vivvy  Cheers btw |
|
By:
Depends a lot on your circumstances, but I'd spreadsheet it up first as it's not as lucritive as I think you're imagining. Look at the rentals in that area and calculate your expected net yield.
Take a 100k house with repayments over 20yrs at 5-6% (a level higher than now, but you'd want to be able to live through). The payments would be around £400-500 which may well be higher than the rents you're likely to get in whatever godforsaken hole you can buy a house for a 100k for. Then you have costs (annual CP12, repairs, boilers, advertising costs etc)... Thank V I'm not sure how/what to spreadsheet maybe you could explain a bit more ? But it's not as bad as you make out though The house would rent for 575 month so just over 7% yield Plus with the deposit i'd only need a 10 year mortgage which would cost around 550 per month (for now) Obv i'd have to keep a back up in case of it being empty for a month or two .. but in 10 years i'd own the house & still own the apartment also It may not be lucrative but it is viable & the town itself is a good solid place to live .. you can't knock a man for trying .. I understand yields etc but is a bit different in real life to on paper hey  |
|
By:
So your rent would just about cover your mortgage. What if you need a new boiler, roofing tiles? What about insurance (I guess that might be included for building) for pipes, windows, 100-200 a year on admin/certificates etc. I'm not saying you need extra insurance, just that you think about it.
If it's too tight, make it a longer mortgage to get the payments down. Consider your tax position - all this is netted off and you pay on the net profit, so make that close to zero unless it's your only income in which case you can afford to proft by £7-8k or so without paying tax on the profit. Choosing the length of your mortgage is the key here, but rates can really only go up from here, so put a cushion in. |
|
By:
Barry Taylor was from Wolverhampton - not Birmingham. His wife Hazel had an even more pronounced accent .
|
|
By:
 TV Brummies |
|
By:
Moxey to Barry - 'Oh, (sighs) get to the point Barry ...if there is one.'
Barry - 'the point ... (getting a little agitated)... the POINT' ....... |
|
By:
 |
|
By:
What if you need a new boiler, roofing tiles?
You sound like my £$%^&*() Mom |
|
By:
bin bay windows
bay bay windows bin bay windows |