BTL- is it better to buy old or new property to rent-out?

[Neil1967]

I am looking to invest some money in a property, which I wish to rent out. In general terms, what are the pros and cons of buying a new flat against an older one? Presumably you pay a premium to buy a new property, but is this likely to be recouped in increased rent? I am looking to put a deposit of around £60K on a property/flat in the region of £120-£150K, possibly around the Portsmouth area - again, thoughts appreciated.

Regards

Neil

[Poppy]

Older flats tend to have larger room sizes.
There is a fashion in newer flats to shove the kitchen and living area into one room - thereby demoting a one bed flat with four definable rooms into just three. One day people will realise they are not desirable in the long run.
Newer flats ought to have lower repair costs coming through on the service charge for the first few years.
Whether old or new, lifts cost a lot of money.

[tom999]

Main factors are location and demand.

Don't think flat's age is a major factor, however, there has been a trend in recent years for investors to be 'sold' new build off-plan apartments by property investment companies. Many are now being auctioned off at discount prices. Some are not even fetching asking price, through lack of interest. Some of these former investors are facing bankruptcy with properties (that could not be rented out) being repossessed by the mortgage lender.

Do some local research. Ask local letting agents. Find out what rental properties are advertised in the area, and what are the most/least popular areas. Does the deal stack? Have you accounted for ALL costs, including buying costs; legals, refurbishment, and letting costs; maintenance, insurance, voids, management (if using an agent) etc.

[shiney]

buy a house, not a flat......

[jeffrey]

buy a house, not a flat......
Read that as, "Buy a freehold house, not a leasehold house nor a flat".
See threads about 'Simarc', passim.

[Gordon999]

I am looking to invest some money in a property, which I wish to rent out. In general terms, what are the pros and cons of buying a new flat against an older one? Presumably you pay a premium to buy a new property, but is this likely to be recouped in increased rent? I am looking to put a deposit of around £60K on a property/flat in the region of £120-£150K, possibly around the Portsmouth area - again, thoughts appreciated.

Regards

Neil

Is Portsmouth a good place for letting ? are the estate agents looking for property owners with property to rent Is there any shortage of rental stock ?

[reals007]

I think you should buy an agricultural land because its beneficial for you. You may sell it after some time when prices of property will increased. Its too better then rent out. So I hope you will get good property.

[norroy]

In most cases you will be better off buying an older (pre 1939) property.

It will hold/add value better over the years. Crucially it will be more likely to have the option to extend (up/down/out/side). This versatility will help you maximise your returns.