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Christopher Cox

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  • Location
    Newbury, Berkshire
  • Property investment interests
    Hoping for my first buy-to-let as soon as possible
  • My skills
    General DIY etc.
  • My goals
    Get to the point of having enough income for a less 9-5 lifestyle and get to experience the world before I'm 65! or in my example retirement might be 75 when I get there!! Maybe the odd refurb every now and then...
  • Interests outside property
    Skiing, travelling

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  1. update! The Wife has agreed to Plan B. So between now and April we are going to fully renovate our house increase value/get ready for tenants and move to a smaller property with the profits. I'm probably looking at families with kids, as there is both a primary school and secondary school within a 2 minute walk (around 500M down the road) Would April be a good time to get this type of property on the letting marked or should we do it earlier. And should we market it once we have found a place to move to, or after we have completed on that purchase?
  2. ok so a little update on this post. My financial advisor has looked into switching to an interest only mortgage for my home, but apparently its almost impossible to do this at the moment unless I have something in the region of 50% Equity to leave in the property and earn around £100k per annum. I have been making overpayments over the last two years to the total of around £55k, but now can't get my hands on it, unless I remortgage (i still have 3 years left on my fixed term and will incur a fee of around £5k to get out, plus fees to get into a new mortgage) So we have either..... plan b....change my current 3 bed house, near primary school, secondary school, train station, motorway, town centre into a rental, ROI after taking into account property price increase (free money ) is 11.22% around £550 profit each month, now the job is to find another property for us to move to with the left over equity for around £650 repayment mortgage (about 1/3 the price of my current house)...do up then rent again. or plan c....save for the next 17months for the funds I think we will unfortunately in the short term go with plan C, buy a place around January 2016, then once we remortgage in April 2017, get our second. (plan b means moving out of the family home which is a bitter pill to swallow at this point)
  3. so for an unfurnished let, can you get away with just kitchen cupboards with spaces for white goods? Obviously a slightly lower rental charge for this.
  4. This is fantastic information Tim/Silv, I really do appreciate your time providing your feedback, from the above advice I think I will take on my first property without tenants, get some experience then open that door to taking on other peoples tenants later if need be. Your replies show that there is still much for me to read and learn! like what on earth a Prescribed Information is
  5. That's great! Thanks Silv. I have added these to my list, would you ask all these question even before offering or after? Also you mention keys, a thought just come to my mined regarding changing locks.... would this be a normal thing to do?
  6. Hi Guys, I think I'm almost ready to start shopping around for a buy to let property. Looking for any tips? does anyone have anything like a check list that they use with questions etc. I have found a property which has tenants in situ, does anyone have any specifics to watch out for in this example? any tips on the questions I should be asking when this type of arrangement occurs? Kind regards Chris p.s. Hopefully soon I can start helping the property hub members with my acquired and hands on knowledge soon
  7. Thanks Tim, hopefully below you can see an image of the current garden, suppose I didn't go into to much detail about what dwelling it would be, so good point. The plan would be for it to just be a small bungalow/outhouse approx 8x10meters. Maybe open plan bedroom/diner with additional kitchen. If you can see the image the actual building would not go further then the fence near the back of the garden so around where the blue shed is the garden goes back to the brown gate, then split the garden in half, so that future renters do not have to much garden to deal with. Initially we are thinking of building this for my wives Mum and Dad, so a Granny Annex initially, then once that era has ended we could implement the above by switching the buildings use maybe? at least we hope we can do this. (any energy supply changes will happen then also for separate meters) We would only need this little place as if we meet our goals we shan't be there much anyway The house is detached and has enough room to squeeze a car down, "literally" , but we are thinking this would just be split into two separate paths and having a parking space out the front. I guess regarding resale, a little guest house at the end of the garden would be a plus? (apart from more council tax ) if not, we can make a few changes to it, such as removing the kitchen and bathroom the at least council tax is not due https://www.dropbox.com/s/46q06d1ids52119/P1090434.JPG
  8. sorry to bring this post alive again. But I'm wondering exactly what constitutes a Furnished let, as appose to a Unfurnished let?
  9. Hi Guys, Has anyone here the knowledge regarding renting out the main house on a plot of land, while you still live in a separate space (i.e. separate dwelling) on the same piece of land. Basically we have a 120ft garden and I don't think the renters need the hassle of looking after the whole thing, at least its a hassle for us and we own it! So I do not think only having say 55ft garden is going to be an issue for them. We can very easily have a fence path to the back dwelling, so they would visually be completely separate. What do you think?
  10. Hi Everyone, So this is a side topic, off my SMART goal. Which if you have read one of my earlier topics, is to gain income from properties so that I can be "comfortable" living off the monthly ROI. So one of mine and my wife's hobbies is Travel and are planning for this to be an integral part of our goal, however there is one thing in our life (currently) which complicates it slightly, its not baggage, but just something we are looking for guidance/experience/input. So... what am I talking about... as in the title, its regarding our baby boy, currently he is 1, and the goal is hoping to be ready to implement in around 10 years, so when he is around 11years old. I'm looking to see if anyone has "upped and moved" for any long period of time, say 6 months, to a different location, with kids and for instance home schooled. We would be looking to be moving in definitely (until we get sick of it) but maybe staying in one place for 6 months + depending if we like the experience, and if we get a taste for the language. What's your experience, do you have any tips? What would we need to seriously think about before doing this, and the positive (-) minus's as well as the (+) plus's? I have read that places like Thailand you can live reasonably well for between £500-£700 per month (see link), all included, so we would probably split our time between these uber cheap places and other more western uber expensive places. Looks forward to your chats. Chris
  11. Thats great, so the SMART goal is to... around that time, not actually have a "HOME" as such, so no issue with having a 25year interest only personal mortgage, we will be travelling, so avoiding that expense.
  12. as this thread appears to have turned into "Ask Kylie" I have an additional query on the process of working out the additional interest charged on your residential property. I currently have a repayment, and will switch to a interest only, how would I go about figuring out the additional interest cost of this change? so that I can enter this in as a cost?
  13. Thanks Rob! Downloaded and will listen tonight, then give you a review
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