i am looking at the torquay/jan juc area for an IP -short term say 2 to 3 years and then possibly moving into it after this time. Does anyone have an IP there and are they easy to rent,no hassles with tenants, vacancy rates etc.
Any advice would be appreciated.
My stepdad owns an IP in Torquay (was PPOR, then they - him and mum - moved to another place). As stated, yields are horrible. But if you're going to be moving into it in a few years, why not get a tenant to help you pay the mortgage a little bit.
The following basic principles apply the greater the capital gain the lower the yield.Our new homes rent for 400-450 4bed pw old homes 250-300.obviously where the old homes are the greater the cap gain. eg. old torq or juc.
vacancy rates are low around march and sep, but we have never had a problem.
do you think an old home then is better value or does the newer home make it easier to rent?
Is there a particular reason that you have 5 IPs in the one area? are you from this area.. is that the reason for the IP in this area?