As so many people are searching for places to rent in the capital, buy-to-let properties are an increasingly attractive investment option for many people. Making an investment in a London property is a major decision and will usually involve significant amounts of money, so it is important to seek professional advice and guidance to ensure you are making the right decisions as a first-time investor. Here are some of our tips for investors who are just starting out in the exciting London property market.
– Consider the amenities in the area you want to invest in. Schools, universities, local parks, shops and great transport links to other parts of London are major selling points, and it’s likely that you’ll need to tailor your marketing towards a different audience depending on the specific amenities in the area.
– Research rates in the area. Take a look at similar properties in the local area and find out what sort of rents they are charging. This will give you a realistic idea about what sort of money you can expect to make from your buy-to-let investment and help you to determine if the purchase will be worthwhile.
– Use the benefit of others’ knowledge. Try to speak to other landlords and buy-to-let investors about their experiences. The chances are that they’ll have useful advice to offer and tips on avoiding potential pitfalls. There are many online forums where you can connect with investors. You can also use the services of property professionals, such as our team, to gain guidance on how, where and when you should be making an investment.
– Consider how much of the work you want to do yourself. Will you be a hands-on landlord taking care of all repairs and management by yourself, or will you be engaging the services of a professional property and estate management company? We cover Hounslow, Islington, Kensington and all other London boroughs, and can take over all aspects of management if you need us to.