1) Research the market:
If you are new to buy-to-let, what do you know about the market? Do you know the risks, as well as the benefits? Make sure buy-to-let is the investment you want. Your money might be able to perform better elsewhere.
2) Choose a promising area:
Promising does not mean most expensive or cheapest. Promising means a place where people would like to live and this can be for a variety of reasons. Where in your town has a special appeal? If you are in a commuter belt, where has good transport? Where are the good schools for young families? Where do the students want to live?
3) Shop around and get the best mortgage:
Do not just walk into your bank and building society and ask for a mortgage. It sounds obvious, but people who do this when they need a financial product are one of the reasons why banks make billions in profit
4)Think about your target tenant:
Instead of imagining whether you would like to live in your investment property, put yourself in the shoes of your target tenant.
Who are they and what do they want? If they are students, it needs to be easy to clean and comfortable but not luxurious. If they are young professionals it should be modern and stylish but not overbearing. If it is a family they will have plenty of their own belongings and need a blank canvas.
5) Know the pitfalls:
Before you make any investment you should always investigate the negative aspects as well as the positive. House prices are on the up right now but growth has slowed and they could fall again. If property prices dip will you be able to continue holding your investment?
If you’re looking to buy a property or are interested in buy to let properties, then get in contact on 01926 888 777 or email us on firstname.lastname@example.org