Friday, October 09, 2009

Property purchase completed

My property purchased completed yesterday with no last minute issues.

I have paid a deposit to the contractor and the renovation work will start on Saturday. It will take about two months to rip out the existing interior (absolutely everything is to go) and install the new interior so I will have to cover the mortgage payments and other outgoings during that period and probably a bit longer while I look for a tenant. The latter may be a bit of an issue as the flat will be hitting the leasing market shortly before Christmas/New Year which is traditionally a quiet period. There is enough float in the account I use for mortgage payments to cover this (assuming none of my tenants default) so I should not have to divert money from my salary to cover the outgoings.

No comments: