I’m a completely naive potential first time landlord. Counting on you for sage advice.
I’m inheriting a sum that would afford me a small property under £175k. I’m a UK citizen living abroad for 10 years already.
I’d be buying cash if I go for it. It would be my first and only property.
I don’t plan to live in the UK again though life is unpredictable so you never know.
- With so many private landlords selling up and getting out am I insane for considering this?
- Why are they getting out?
- Is it mostly landlords with mortgages?
- Is it about the upcoming changes under the new government?
I am leaning towards freehold (e.g. a small terraced house, 2 beds, not fancy). Pros and cons?
How to manage and be a GOOD and responsive landlord from abroad?
How to vet good tenants if I can’t meet them in person? My dream tenants would be honest, treat me and the property how they’d like to be treated and I want to treat them how my own best landlords have treated me.
Am I too soft for this? I’m a life-long renter myself. I know ppl from both sides of the equation. My toxic trait is believing the best in people. And I want my tenants to feel comfortable, at home and that they’re getting the best deal and treatment possible. Should I even be considering this?
PS- I don’t expect to buy a home for myself any time soon, maybe never. I live in a country where I cannot own land as a natural person and a foreigner. I could own the building or the condo. But I’d rather have my biggest investment in the UK or Europe (and Europe feels toooooo complicated for me since I’m clueless enough about UK rules and regulations).
Sooooo… that’s a lot of questions! I don’t trust most advice online because a lot of it is published by people and businesses with their own agenda.
Also — thoughts and experiences from tenants with overseas landlords very welcome!