Buy to let - any advice?

[Anyname123]

DP and I have a bit of money put aside that we are struggling to decide what to do with.

We have contemplated paying a lump off our mortgage or doing home improvements, or possibly buying a BTL (with a mortgage) with a view to this being the DCs uni / deposit fund.

I know that MN generally frowns on Landlords but I wondered if anyone would share their experience of being a LL and how it's going for them - warts and all?

Argh, homes under the hammer! Great to see properties being refurbished rather than yet more flood causing crappy new builds, but the figures are so misleading. The rental return is gross. There are agent fees, checks, insurance ( expensive as so high risk), plus maintenance etc.

Homes Under the Hammer really annoys me, totally unrealistic refurb costs and mot of the buyers do it all themselves. Then they dont deduct any tax or agents fee.

I really dont recommend getting into BTL these days.

We have a rental property by accident (couldn't sell at time needed to move so bought new home and let out old one) we self manage to friends of friebds who intend to buy and I can't wait to get rid of it quite frankly.

My husband works for an ifa firm and can identify multiple low risk investment options which can match what we make post tax and even exceed it. There's much easier, flexible And less stressful ways of making money if you know where to look

I was a landlord for a while, not planned. I was lucky in that I rented rooms to lodgers then they rented the full property from me so I knew them very well. Honestly It's not worth the hassle and it really isn't a money spinner. I sold my house to one of the tenants in the end as it was losing me money every month and the value of the house was no longer increasing enough to make it viable.

Also the Scottish government have made a lot of changes to rental agreements and legislation making it increasingly complicated and expensive. Coupled with the tax changes that have now been introduced I really wouldn't bother. And I say that as someone who had the best tenants anyone could hope for.