We’re one of the leading property and estate management companies in Hackney and the rest of London, and we specialise in helping investors who buy to let. Regardless of your experience, we’ll be able to ensure that your investment reaps rewards and that you’re completely satisfied with what you’re provided.
For many people, buy to let is an extremely attractive way to invest their money, especially with the way the market currently is. However, there are many things that you need to take into consideration prior to committing.
Research the market
What do you know about the local property market, specifically the area where you are thinking about purchasing a property? How do the risks compare with the benefits? This is the first thing that you need to consider before even thinking about viewings. A buyer needs to be able to confidently say that buy-to-let is something that they want to get into and must research thoroughly to make sure that it is a good financial decision. We have an in-depth knowledge of all areas of London and can provide helpful advice and guidance for you.
Find a promising area
If you have an area in mind, make sure that it is a place where people want to live, not necessarily if it’s expensive or cheap. Is there a good public transport system, local school system, or university nearby? Are there shops, restaurants and other desirable amenities nearby? Taking all of these points into consideration can help you to choose an area which will give you more to work with. One of the most important things that you need to remember is that you’re not only looking for a property that will allow you gain a large rental income, but one that you’ll be able to find tenants for.
Get out your calculator
It’s important to do the maths. Sit down with a pen, paper and a calculator and write down your budget and the rent you’re most likely to get. If you don’t know this, you can view other vacancies in the area to compare, or get advice from our expert team.
Think about your demographics
Who are your target tenants? Are they students, young professionals or families? If students, the property needs to be easy to clean and comfortable. If professionals, they may want a modern and stylish home. If families, they may want a “blank canvas” type home so they can make it their own – remember that by allowing tenants to add their own mark to the property (such as painting or adding their own pictures to the walls) will make it feel more like home, and also make them more likely to stay longer.
Shop for the best mortgage and haggle your house price
It seems simple enough, but searching for the best mortgage deal can make all of the difference. Sometimes by choosing an incorrect mortgage, you end up paying thousands of pounds more than you would have elsewhere. A great partner to this is, when purchasing a home, to try and get it to the lowest price they’ll accept. This means you’ll have a lower mortgage and also be able to make changes to improve the contents for higher rental income.
If you would like help with buy-to-let properties or need some advice, contact us today. Rather than stressing yourself with the above points, we’ll be able to go through the process in partnership with you and ensure that you receive the best outcome. Once you have made the purchase, we can provide the property or estate management services you need to make it a success.
