Sat Apr 27, 2019 12:52 pm
#1690547
I am looking at a modest 2 bed flat with a view to buy to let - there are two choices that I have shortlisted. They are the same size and both return 6% in rent - but which to chose ??
Flat A is leasehold - 125 years remaining. Very modern ( ground floor), perhaps could need a new kitchen in a few years. Secure underground parking. Attractive to a younger couple
Flat B is freehold and dictates that the tenant must be over 55 yrs ( retirement flat) with communal gardens - security - emergency alarm system etc. Parking space outside
My thoughts are that :
Flat A would have a high turnover of couples as they move on to bigger and better and am unsure about buying a leasehold. Although I feel with some modernisation ( Hive / smart appliances) it could be ,nice attractive, modern and sought after.
Flat B would probably have the same tenants until they passed, so a low turnover. It is freehold ( better ?) Doesnt need any modernisation. Could be difficult to sell at a later date as is only really attractive to an investor as the tenants are never going to buy it
Which would you choose ?
Flat A is leasehold - 125 years remaining. Very modern ( ground floor), perhaps could need a new kitchen in a few years. Secure underground parking. Attractive to a younger couple
Flat B is freehold and dictates that the tenant must be over 55 yrs ( retirement flat) with communal gardens - security - emergency alarm system etc. Parking space outside
My thoughts are that :
Flat A would have a high turnover of couples as they move on to bigger and better and am unsure about buying a leasehold. Although I feel with some modernisation ( Hive / smart appliances) it could be ,nice attractive, modern and sought after.
Flat B would probably have the same tenants until they passed, so a low turnover. It is freehold ( better ?) Doesnt need any modernisation. Could be difficult to sell at a later date as is only really attractive to an investor as the tenants are never going to buy it
Which would you choose ?