If you’re looking to purchase a property as a Buy to Let, then we have a few tips that might be of use when considering your purchase.
It might sound like an obvious thing to say however understanding the market is one of the biggest factors when it comes to making a good or a bad investment. What sort of return are you expecting on your investment? Are you sure you’ll be able to tie up the money for the long-term? Would your money be better invested elsewhere? Would you be able to afford the mortgage payments should you be without tenants?
It would be advisable to have a thorough understanding of the costs involved in purchasing a buy-to-let. You’ll need to factor costs in for maintenance, understand how you’ll afford being without tenants for any period of time as well as how you’ll manage should the interest rates increase. Don’t forget the hidden fees of letting agents, legal fees, Stamp Duty etc. You’ll also need to give consideration as to whether the property will require any improvements, if so, this will be another cost to factor in
Give thoughtful consideration to where it is that you buy the property. Think about the type of tenant that you want to attract, for example if you’d prefer professionals then a stylish home easy access to commuter routes may be valuable. Should you want to appeal to a family, schools, recreational areas etc would be amenities that a young family will require.
One of the most important factors is to get the right mortgage for your requirements and that is where we can help. We can assist you in exploring the above areas, helping you work out exactly what is affordable to you and answer any questions you may have. You can contact us on 01332 223888 or simply complete the form below and we’ll be in touch shortly.