For many investors, buy to let seems like an attractive prospect, but if you’re thinking about purchasing a property to let it’s vital to do it in the right way. Here are our tips for optimising your chances of a successful buy to let investment.
- Begin by researching the market. It’s really important that you feel informed about every aspect of the process when it comes to buying a property, and that you are fully aware of the risks as well as the advantages. We have an in depth knowledge of London’s property market including such areas as Hounslow, Islington and Lewisham and can advise you to help you make the right decisions.
- Choose the right area. This is not necessarily the most expensive or cheapest area, but a place with attractive qualities which give people a reason to want to live there. Look for features such as good transport links or close proximity to good schools and colleges.
- Think about your prospective tenants. Who are they? What do they want from a property? How can you give it to them?
- Work out the numbers. Think about the cost of the property you want to buy compared with the likely amount of rent you will receive, and consider how this will cover your mortgage payments each month. If you are concerned about your property being left empty and being left without rent to cover the mortgage, we can provide you with a guaranteed rent scheme to cover the costs.
- Consider changing or renovating a property. If you have the resources, you can increase the value and desirability of a property by improving it, giving you the opportunity to charge more rent.
- Consider looking further afield. With our property management service, you can think about investing in properties further away from home while still having the assurance everything will be managed properly.