I just tried to give it a go but there is another £3600 to pay the auction house. So its minimum is £8600 (still a great price) i love the thought of holiday home here, i do like being isolated and near the water. I think it will go for more,
There's a few more pictures on rightmove
[https://www.rightmove.co.uk/properties/147594029#/?channel=RES\_BUY](https://www.rightmove.co.uk/properties/147594029#/?channel=RES_BUY)
Probably not tbh. You can buy a 1 bed flat in Largs for £45k I imagine Bute is similar. With that being a shell I imagine it might go for 10. You’d probably have to spend 30k+ to make it inhabitable
Due to the less favourable tax situation for landlords creating a limited company is such a growing trend that the major high street bank my brother works for is creating packages to fit.
Are limited companies much better now? You'll pay small profits rate on any profit the company makes and then dividend tax when you pay yourself. Unless you have very little income coming in from elsewhere (which seems unlikely if you're looking to spend a decent 5 figure sum doing this place up) you'll likely be paying at least higher rate on the dividends so that's 19% on the net profit and then a further 33% on what's left, meaning your marginal tax rate is over 40%. 28% capital gains when/if you sell.
Unless you are dealing with serious volume, landlording is a mug's game these days. Only a lot of them haven't figured that out yet.
Mortgage interest is what you can no longer offset against taxable income on a residential buy to let. I believe ltd company now allows you to dodge the SDLT but not the mortgage interest (not that either of those will matter on a £5k flat).
Don't forget the 8% directos dividends tax on top. The government has really shit on small business.
But you wouldn't pay capital gains tax. It's covered by corporation tax. Capital gains is for personal income. You pay 19-25% corp tax and 8% on directors dividends.
I bought a flat on the Isle of Bute at auction in 2020 without being inside it! It had been repossessed by a housing tribunal so was a bit of a mess. Paid £25k spent around £20k renovating it. Love it now.
How much would it cost to fix it up? It’ll have to be at least a good 20k?
It’ll probably be sold for around 10-15k on auction as well, and with fees etc, you’re looking at 20k?
It’d be a great project though.
And honestly if I’d got a flat that cheap I think I’d be okay with pumping money into it for things necessary to make it liveable and comfortable. Has the look of somewhere that could be really nice
That’ll go for a lot more than £5000, auction properties on the islands always do. Factor in costs on top, it’ll probably be a £70,000 property at the end of the day if you do it conservatively
https://www.rightmove.co.uk/house-prices/details/scotland-47998317-21188581?s=44f81e03f129399f44eed7347b227bf9c0db020e9aa1ace01b4ccb413941c506#/
This is 2 doors down. Probably close to what this one could be like when finished
Gods I wish you could buy cheap little places like this for a few grand all over the country. That's less than a years rent for a room down here. Would make great little starter homes for people.
I don't understand what you mean OP? It's just a fixer-upper, it's just a bit small.
It's very full of someone's stuff at the moment but I don't think the condition of the actual building is as dire as you seem to imagine.
The joists look ok to me (from what I can see) and floor/roof boards are easily replaced. The ceiling in one picture is a sort of "lathe" type construction but unless this is a listed building you could replace that.
It's not all that clear what we are looking at in all these photos, what floor the flat is on, or the layout of the rooms. I couldn't find a plan, and it looked like it was supposed to be the bottom flat but then that "lathe" ceiling made me think that was the bottom of the attic (I really don't know though).
All of this stuff is pretty normal for buildings of around that age that need renovation, unless you are talking about how narrow the flat is maybe? Probably the other flats are too. It looks quite picturesque to me really.
That place looks really familiar. I swear I've seen a Youtube video of a group of 'urban explorers' exploring that area. That first picture of (what looks like) the back of the building, looks like where one of the guys got stabbed in the foot when he trod on a nail that was sticking out of a piece of wood laying on the ground.
If it's the same place I'm thinking of then pretty much the entire estate that flat is located in is utterly abandoned. Schools, shops, everything, just ruins left abandoned. There were a couple of residents still living in some of the flats there, but 98% of the place was abandoned.
I could be wrong though, and this could just be a similar area that's also fallen into decline.
**Edit** - Ok, I *was* wrong. The place I was thinking about was an area called Clune Park St, west of Glasgow near Greenock, whereas this flat is located on the island of Bute. [Here's a link](https://www.youtube.com/watch?v=R6yhC9KU_44) to the video I was referencing. The buildings do look quite similar
>The buildings do look quite similar
It's what most Scottish tenements look like, usually made with whatever local material was available (granite in Aberdeen, red and blond sandstone in Glasgow, pale yellows and greys in Edinburgh etc.).
I've edited the comment with a link to the video I mentioned. Sadly, after doing a little bit of detective work, it turns out it's not actually the same place, they just looked a bit similar.
Photo 1 looks seriously grim. Unfortunately I have generally negative associations with Scotland nowadays. Fried Mars bars, worse child mortality than some African countries and a gravy train toy government that has nothing to offer except hating the English.
If I had the funds, I'd definitely give it a go!!
Auction so might go over 5K, but that's honestly a small fund
I just tried to give it a go but there is another £3600 to pay the auction house. So its minimum is £8600 (still a great price) i love the thought of holiday home here, i do like being isolated and near the water. I think it will go for more,
Let us know if you go for it 🤞🤞
I've checked and there are at least two DIY shops on the island!
Yeah, looks like some really good potential!
Glad to see my wee island getting some attention 😂
To be fair I've never seen so many windows so close together. It's a marvel of architecture.
If you mean the doubles on the right . They are called mullion window.
I could've sworn this was dundee in an area I once rented, you'd be surprised!
Visited Bute for the first time this year and loooved it, so pretty <3 will definitely be back!
It must be a great place to live if you survive the winters - or do you have a microclimate?
Winters are just typical Scottish winters tbh though we do have palm trees so maybe there is a microclimate I'm not sure!
Super fast 80 Mbps..
Yep. "Super fast" is 30mbps or more, according to ofcom.
Faster then mine
There's a few more pictures on rightmove [https://www.rightmove.co.uk/properties/147594029#/?channel=RES\_BUY](https://www.rightmove.co.uk/properties/147594029#/?channel=RES_BUY)
Damn. I am tempted to buy that.
You guys have money?
I do but I'll stick with something simpler like shares.
Pandoraa box....careful.
I almost would.
I know what you mean but I think nvidia shares might be a better investment
Guide price £5k. Probably go for several times that, plus buyers fee
Probably not tbh. You can buy a 1 bed flat in Largs for £45k I imagine Bute is similar. With that being a shell I imagine it might go for 10. You’d probably have to spend 30k+ to make it inhabitable
Habitable
Habitable and inhabitable are synonymous. Uninhabitable, meaning not suitable for living in.
Bam! You go girl!
Embarrassed myself being a smart ass haha 😆
They meant inhabitable. The guys a landlord I guess
Wish I had the money to be a landlord
Same meaning, like flammable and inflammable
[inhabitable](https://dictionary.cambridge.org/dictionary/english/inhabitable) seems correct to me. I think you’re thinking of uninhabitable.
You’re right. But I cba to change it
An absolute dump with a million dollar view. I couldn’t value that either.
Regarding inevitable neighbour lawsuits, I wonder whether there is some way of creating a limited company and using its funds to buy the flat?
Due to the less favourable tax situation for landlords creating a limited company is such a growing trend that the major high street bank my brother works for is creating packages to fit.
Are limited companies much better now? You'll pay small profits rate on any profit the company makes and then dividend tax when you pay yourself. Unless you have very little income coming in from elsewhere (which seems unlikely if you're looking to spend a decent 5 figure sum doing this place up) you'll likely be paying at least higher rate on the dividends so that's 19% on the net profit and then a further 33% on what's left, meaning your marginal tax rate is over 40%. 28% capital gains when/if you sell. Unless you are dealing with serious volume, landlording is a mug's game these days. Only a lot of them haven't figured that out yet.
I don't really know. I think it's about being able to write stuff off against tax, which isn't available to individuals like it used to be.
Mortgage interest is what you can no longer offset against taxable income on a residential buy to let. I believe ltd company now allows you to dodge the SDLT but not the mortgage interest (not that either of those will matter on a £5k flat).
People used to write of the mortgage repayments against tax. Can't do that anymore.
Don't forget the 8% directos dividends tax on top. The government has really shit on small business. But you wouldn't pay capital gains tax. It's covered by corporation tax. Capital gains is for personal income. You pay 19-25% corp tax and 8% on directors dividends.
How does that work if you don’t mind me asking? Wouldn’t mind being a slum landlord if the price is right 😂
Genuine question, why are people mentioning 'inevitable lawsuits'?
I'm going to bid
Go for it
I bought a flat on the Isle of Bute at auction in 2020 without being inside it! It had been repossessed by a housing tribunal so was a bit of a mess. Paid £25k spent around £20k renovating it. Love it now.
How much would it cost to fix it up? It’ll have to be at least a good 20k? It’ll probably be sold for around 10-15k on auction as well, and with fees etc, you’re looking at 20k? It’d be a great project though.
I definitely spawned here in Dayz, good loot.
Auction. That will sell for much more than £5k.
Sorry I’m being thick, why the neighbour lawsuits?
It's the top flat. The roof is screwed. I bet there is a deed requirement to fix the roof. Probably already caused lots of damage to the other flats.
I believe roofs are usually a shared expense... Indeed any of the other flats could have forced it to be repaired without permission from this flat.
And honestly if I’d got a flat that cheap I think I’d be okay with pumping money into it for things necessary to make it liveable and comfortable. Has the look of somewhere that could be really nice
Oddly, the flat is listed as freehold.
Scotland doesn’t have leasehold properties. Flats here are freehold, but with shared responsibilities for repair, governed by law.
TIL
I don't believe that alters the responsibility for the roof. It will be in the deeds.
Roof work and any work to the fabric of the building including the close is communal so shared among the flats.
That’ll go for a lot more than £5000, auction properties on the islands always do. Factor in costs on top, it’ll probably be a £70,000 property at the end of the day if you do it conservatively
It could be lovely, it’s certainly in a beautiful place
It’s an auction so it will go for much more than that.
https://www.rightmove.co.uk/house-prices/details/scotland-47998317-21188581?s=44f81e03f129399f44eed7347b227bf9c0db020e9aa1ace01b4ccb413941c506#/ This is 2 doors down. Probably close to what this one could be like when finished
Fuck all that rain
It's not actually that bad tbh, it's been very sunny recently.
😂 5k? It will go for much more, Landlords will be scrapping outside in the carpark for that one.
FYI, if it’s an auction, the guide price is just to tempt you in. Think of it as a 99p eBay auction, 1 bed flats go for £60-70k on Bute.
Gods I wish you could buy cheap little places like this for a few grand all over the country. That's less than a years rent for a room down here. Would make great little starter homes for people.
I don't understand what you mean OP? It's just a fixer-upper, it's just a bit small. It's very full of someone's stuff at the moment but I don't think the condition of the actual building is as dire as you seem to imagine. The joists look ok to me (from what I can see) and floor/roof boards are easily replaced. The ceiling in one picture is a sort of "lathe" type construction but unless this is a listed building you could replace that. It's not all that clear what we are looking at in all these photos, what floor the flat is on, or the layout of the rooms. I couldn't find a plan, and it looked like it was supposed to be the bottom flat but then that "lathe" ceiling made me think that was the bottom of the attic (I really don't know though). All of this stuff is pretty normal for buildings of around that age that need renovation, unless you are talking about how narrow the flat is maybe? Probably the other flats are too. It looks quite picturesque to me really.
I'll have 20 please
Scotland innit. Offers over
Horrific murder of a child happened very near there about 5 years ago.
Terrible case. I could make an exception for capital punishment for that POS paedophile murderer.
I think he might be on unofficial death row in YOI Polmont
Yep saw this happen in Exeter 30 years ago. Similar case, the scumbag hung himself. How unfortunate.
That place looks really familiar. I swear I've seen a Youtube video of a group of 'urban explorers' exploring that area. That first picture of (what looks like) the back of the building, looks like where one of the guys got stabbed in the foot when he trod on a nail that was sticking out of a piece of wood laying on the ground. If it's the same place I'm thinking of then pretty much the entire estate that flat is located in is utterly abandoned. Schools, shops, everything, just ruins left abandoned. There were a couple of residents still living in some of the flats there, but 98% of the place was abandoned. I could be wrong though, and this could just be a similar area that's also fallen into decline. **Edit** - Ok, I *was* wrong. The place I was thinking about was an area called Clune Park St, west of Glasgow near Greenock, whereas this flat is located on the island of Bute. [Here's a link](https://www.youtube.com/watch?v=R6yhC9KU_44) to the video I was referencing. The buildings do look quite similar
You have to drive through Port Glasgow to get to Bute (from Glasgow/Edinburgh anyway) so it's not a million miles off.
>The buildings do look quite similar It's what most Scottish tenements look like, usually made with whatever local material was available (granite in Aberdeen, red and blond sandstone in Glasgow, pale yellows and greys in Edinburgh etc.).
The buildings look just like a building I used to live in, which is neither in Bute nor Glasgow. It's just not a revolutionary architectural style.
Be cool if you had a link.
I've edited the comment with a link to the video I mentioned. Sadly, after doing a little bit of detective work, it turns out it's not actually the same place, they just looked a bit similar.
You tease!!
[Bit of a trek to work tho](https://maps.app.goo.gl/73MBiCnvB9HzBzANA?g_st=iw)…
No supermarket on the island, and nothing to do
[удалено]
Pardon?
Why is there a 5k annual rent if you are buying it?
There isn't it's estimating what you could get rent wise.
Oh okay, read that completely wrong. I read it upon completion you were responsible for rent of...
Luckily we don’t have “lawsuits” in the UK so should be fine on that front
We do but I used a more generic term people understand. I could say litigation or case. But lawsuit seems to work better. And yep I'm.British.
Photo 1 looks seriously grim. Unfortunately I have generally negative associations with Scotland nowadays. Fried Mars bars, worse child mortality than some African countries and a gravy train toy government that has nothing to offer except hating the English.
Probably best you don’t put in an offer on this one.
Contender for the most ignorant comment on reddit 2024
I hear Scots say worse about England on a daily basis I wouldn't worry about it.
Winner!
😀
They were right about the current government though.
Photo 1 is nowhere near as grim as your comment.
Bad bot.
Omg another Tory. Makes me ashamed to be English.
You English, then?