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Don't Buy This Type Of Flat / Apartment | Buy To Let UK Investment Property Tips - YouTube
Channel: Your First Four Houses
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whatever you do don't buy this type of
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flat as your next investment property hi
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my name is Tony Lal from the first four
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houses my channel is all about helping
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achieve financial freedom through
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property if this is your first time here
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be sure to subscribe to the channel and
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click that bonus of vacation icon so
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that you don't miss out nearly the free
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content that I give you each and every
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week so this video is all about which
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types of flats you shouldn't be buying
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if you want to click here of another
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video on which types of houses you
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shouldn't be buying so you might want to
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check that out
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so the first type of flats I think you
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shouldn't be buying is a fact that has
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no sinking fund so very quickly if
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you're not aware of what that means most
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blocks of flats all of these people that
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actually own the flats in that block
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what they actually do is they put money
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into a sinking fund and that builds up
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over time and then it's used to pay for
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things like repairs to the roof
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maybe external decorating maybe
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decorating of the internal hallways
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maybe some maintenance and so on so if
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you find a plant that literally has no
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sinking fund and this is something that
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your solicitor will be checking out for
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you by the way I would struggle to go
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ahead with that because I see potential
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problems down the line I don't think you
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should buy a flat that has less than 30
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square meters as a floor area because
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probably this is going to be unmoor
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gable now if you've got money in the
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bank and you're just buying this for
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cash maybe that isn't an issue for you
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but think about when you want to sell it
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maybe a few years down the line
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obviously the chances are that the next
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buyer will of course need to get a
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mortgage or maybe there won't be able to
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get a mortgage if it's less than 30
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square metres so you've just massively
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reduced the number of people that can
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buy it on from you even if you're buying
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it for cash I don't think you should buy
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a Frank that's got a defective lease now
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if you've ever read a lease document it
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is possibly the most boringest document
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in the world but you won't have to read
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it your solicitor needs to read it and
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you need to ask them to look out for any
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issues with the lease they should be
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doing that anyway make damn sure they're
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really looking closely at that very
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boring document and if you
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to take anything defective in there
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anything is gonna be an issue I don't
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think you should be buying it
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don't buy flats in my opinion that have
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no management in place because then what
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you're doing is you're trying to kind of
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a liaison arranged with the other owners
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in the block about doing maintenance and
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I've had I've had something very similar
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to this there has been a management
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agent in place but they've been very
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difficult so that they're not being very
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good to be perfectly honest with you
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the idea of actually dealing with other
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bland other owners of flats the way
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there's no management in place well I
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don't even want to get my head round
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there so I would advise you to steer
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away from that type of plat don't buy
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flats over certain types of shops now
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I'm gonna ask you to go and speak to
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your mortgage broker about this because
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I can't really give advice on mortgages
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and lending in particular because I'm
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not FCA approved but over certain types
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of shops you are either going to
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struggle to get a mortgage at all or
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you'll only be able to get limited
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access to mortgages but more importantly
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the circumstances surrounding the types
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of mortgages that are available to you
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over certain types of shops well
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actually that may change over time and
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so I would strongly advise you to speak
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to an independent mortgage broker and
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get their advice tell them this is the
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type of property that you're considering
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buying and it's over this type of shop
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and over certain shops as I say I
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probably wouldn't buy it and last but
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not least I would always say avoid high
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void areas with flats and certainly in
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some parts of the country there was an
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oversupply of flats which is why you
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think to yourself actually I can get
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that a really good price but there's an
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oversupply and an under demand and so of
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course if you wanted to keep this for
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the long term as one of your rental
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flats well you're gonna really struggle
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to rent it out or you're gonna get
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problems with the tenants or you're
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gonna get lots of voids so make sure you
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check out demand before you actually buy
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that flat if you look like a 50 point
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checklist they want you through all the
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steps you need to take before
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by next investment property simply click
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the link here or description box below
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and I'll send it straight out
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