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Old 27.12.2019, 21:07
omtatsat omtatsat is offline
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Re: Buying house in UK to rent out

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I rent out 3 houses in the UK, 2 of them for more than 13 years. They generate cash and have doubled in value. 2 are mortgage free, which friends tell me makes no sense.

One is in the centre of a catchment area of a school with an Ofsted rating of outstanding. A couple of times a year, I turn down offers from families who don't want to live there. They want to rent the house, leave it empty, so they can claim an address near the school of their choice. No thanks!

It's worth remembering that you can carry forward losses made in one tax year (for example, the year that you buy and make repairs to the house) and off set these against taxable income made in future years.

It's also worth asking yourself what will happen when a tenant stops paying their rent or leaves your house damaged. Be ready for the cost and strain.

I've been a landlord for 13 years and take personal care to resolve issues in 24 hours, provide tenants with immaculately cleaned and maintained homes. I've never increased a tenants' rent, or unreasonably withheld a deposit.

The wind of change is blowing and the shifting narrative is that private landlords are part of the housing problem. I expect more new laws that make it less attractive to be a private landlord in the future, which is also bad news, for tenants.
In Australia for a non-resident its 30% tax on ANY Australian income and 10% Tax on the value of owned land. Is it like that in UK? Probably not?
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