Rental property – advice needed? – Yahoo! UK & Ireland Answers

Posted by admin | General | Saturday 10 October 2009 8:39 pm

Rental property – advice needed?

For an investment property is it better to go for a 1 or a 2 bedroom flat? Is one easier to rent out than than the other?

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7 Comments »

  1. Comment by admin — October 10, 2009 @ 8:39 pm
    I'd say that a two bed flat would be the best for renting as it would appeal to a greater range of tenants, however a one bed flat could be easier to get rid of: a great amount of first time buyers go for one bed flats. If you were selling a one bed flat, the chances of you getting a buyer without a chain would be greater.

    A couple of my friends rent property out to tenants and say it can be quite hard, especially if their agency can't find tenants. On top of that you've got all the safety requirements to meet and certificates to get before you can rent the place out – I remember all the doors and windows had to be changed on a place one of my friends bought last year, that set him back £5K.

    When things go wrong it can be a real financial drain (replacing boilers, cookers etc.) legally you can't make tenants wait. There's no option to muddle through until you can afford to fix things like you may do in your own home.

    I think its easier if you know builders, plumbers and decorators etc. You can call in favours and they can be more flexible about payment.

    I sometimes look at FindaProperty.com, they seem to have some good guides for landlords, I've just whizzed through their archives, below are a few articles that could offer you further information.

  2. Comment by admin — October 10, 2009 @ 8:39 pm
    As a landlord with a reasonable portfolio I have to say I would go for a 2 bed terrace any day of the week, if you must buy a flat then a 2 bed will have a much broader appeal to your tenant market. With a one bed you are limited to single tenants and couples only. a decent sized two bed will suit singles, couples as well as a young family with one or two young children, or two professionals sharing, so a far greater potential market. But IMHO people always prefer houses to flats, unless you are in London.
  3. Comment by admin — October 10, 2009 @ 8:39 pm
    From the point of view of someone who rents I would say go for the two bedroom flat. If you are looking for a long term 'family' let I would think they would be more suited for that. From my point of view I have lived in a 1 bed rented property but only stayed there two years now we are in a 3 bed and i see us staying for alot longer.
  4. Comment by admin — October 10, 2009 @ 8:39 pm
    The two bedroom will give you more rental income and if one goes un rented you have the other rental to collect from so you are not stuck having to pay the mortgage and expenses until it gets rented. I say go for the 2 flat as long as it is in good condition. Have it inspected for any defects, many sellers will hide defects and sell the property just to get rid of it. Be cautious and careful. Best Wishes and welcome to the world of Real Estate Investing.
  5. Comment by admin — October 10, 2009 @ 8:39 pm
    it depends on the location if its near the city and there are many office workers they are normally couples so one bed is enough if its a family area then a two.

    it also depends on the market you are aiming the flat at is it posh end or bottom end.

  6. Comment by admin — October 10, 2009 @ 8:39 pm
    Before you rent, read the law/rights of both tenets and landlords:
    one example being the boiler must be serviced annually.

    I say 2 bedroom because it's all good to have a spare room for storage.

  7. Comment by admin — October 10, 2009 @ 8:39 pm
    Definitely two bedroom. Much more suitable for a roommate or small family and not much more cost to rent.

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