Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 3 weeks ago 46
This is my first post so please be gentle. I am looking to purchase another BTL property in the town where I live. I already have a one bedroomed flat which I purchased a few months ago and after a small refurbishment have let it out without any trouble what so ever. I carried out all the marketing, letting and management myself and must say the information I have gathered from this website has been most helpful indeed, without it I’m sure I would have missed much of the legal requirements imposed on Landlords.
The town in which I live has a large University and Hospital, plus is only twenty five minutes from London. I have seen an opportunity to purchase a Studio flat in a very nice purpose built block close to the University and Hospital, it’s also just five minutes’ walk away from the mainline station into London.
My thoughts are to purchase the property with a 75% BTL mortgage, carry out a small refurbishment and to furnish it to a reasonably high standard with every space saving quality item I can find. Whilst I don’t really want to rent to a student I’m sure that most are very responsible and would not trash the place should I need to rent to one. My main target audience however is obviously young Doctors or Nurses at the large hospital close by or young professionals commuting into London.
I would be grateful for the thoughts of any much more experienced landlords than me as to whether or not this plan is workable or have I missed anything that could potentially come back and bite me.
Basically, are Studio flats a good investment or should I just wait until I find another one bedroomed flat?
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