All Forum Posts by: Stewart Esslemont
Stewart Esslemont has started 1 posts and replied 2 times.
Post: Advice for starting out in the UK from scratch
- Posts 2
- Votes 2
Morning Alex, thank you for your response I'll certainly do some more research on your advice.
Yes the Orkney Islands are remote but are home to a lot of renewable companies and a university course which focuses on the renewable market, because of this there is in influx of students every year that need places to stay and no official student accommodation. Furthermore there is a lot of tourism and not many hotels to hold everyone. The focus in the town it seems for current property owners is therefore is student rental in the winter & holiday (AirBnB) rental in the summer. So it is although a small market it is competitive, the house before I bought it was actually used for long term renting with great success.
If you would like any more information please let me know there seems to be alot going on with the market in the UK at the moment especially in Scotland where the Scottish Government is trying to pass a bill to actually give local councils more control over the AirBnB market to return back to traditional long term let.
Post: Advice for starting out in the UK from scratch
- Posts 2
- Votes 2
Hi all,
At 30 years old I have just started to research ways of building a sustainable passive income and property investment is the one that intrigues me the most so far.
I live on the Orkney Islands in Scotland and the property market always seems to be moving and currently even more so with houses continually going for over the asking price. Two houses have been sold on my street recently which were in a livable but not great condition both went on the market for £120,000 and both have been sold for £140,000!
I have one property currently which I am living in it was bought with the Scottish Government help to buy scheme so they own 40% of the house which was initially bought for £105,000. I am 4 years into a 25-year mortgage fixed at 2.12% for another year and have ~£58,000 to go.
I have done some major renovation work include installing a wood fire burner, Air source heating, a new bathroom and general tidying.
After upgrading the bathroom in my house I am unfortunately all out of savings but usually, save £250 per monthly from wages. What I would love to know is what advice you would give for someone starting from scratch in the UK, given my circumstances.
Looking forward to hearing back from you all soon.
Stewart