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Request a brochure  |
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The Property |
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It’s
important to remember that buying a property to let
isn’t the same as buying your home. Very often
you’re not looking for something that appeals
to you, you’re looking for something that’s
attractive to possible tenants. It’s a commercial
decision rather than a personal one.
So you need to do some market
research before you decide on the property and choose
how you’re going
to pay for it. Get out and about, checking the area,
finding out whether rented accommodation is popular,
and looking at the prices of similar properties. You
could start by visiting estate agents and checking the
local papers.
Another thing to think carefully
about is the type of property you’re looking for.
Again, remember you’re not looking for somewhere
you’d like to live, you’re
looking for a property that’s going to be easy
to let.
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Location,
Location, Location |
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An overused phrase, perhaps, but still very important
none-the-less.
Location, location, location. It’s just as relevant
to buying-to-let as it is when you’re buying your
own home. What size of property can you afford? Who
do you plan to let the property to? One-bedroom flats
suit young single people – so look for areas with
bars, restaurants or a good social scene. For families,
you’ll be thinking about a three- or four-bedroom
house – and somewhere near a school or shops.
There are other things to take into consideration.
Transport, the current availability of rented property
and the likelihood of the properties in the area
increasing in value are all important issues to think
about.
Our brochure contains more information including a
step-by-step guide to the Buy To Let process. To request
a copy click here
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Budget Checklist |
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When you’re filling in this checklist
remember to allow for at least two months without any
rental income –
this can make all the difference.
Income
Estimated monthly rent:
Yearly income:
Void periods:
Total income: £
Costs
Mortgage:
Buying costs (stamp duty, survey,
legal fees, etc.):
Management fee:
Furnishing:
Repairs/maintenance:
Council Tax:
Deposit:
Total costs: £
Yearly gain/loss: £
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