5 tips to enjoying a successful buy to let
We’ve all seen the shows on TV, where cameras follow the journey of property buyers from the auction room and refurbishment to the unveiling and subsequent reveal of how much yield could be generated by rent for the lucky property owner. The economic crisis in 2007 saw a rapid decline in demand for standard mortgages, but an increased demand for buy-to-let mortgages.
But you too can enjoy significant success if you follow our top five tips of enjoying a successful buy to let property.
Investing in a property is a huge commitment, so it’s really important that you do your research. You need to go into it with your eyes open and by researching the buy-to-let the market you can identify any possible risks that may arise during the process.
One of the most important decisions you need to reach before making an investment in a buy-to-let property, is which part of the country you are going to buy in. There are a lot of factors that can come into play at this time; is the location in an up-and-coming area, does it appeal to couples or families and is it accessible to public transport links for professional people?
3. Finance calculations
Making sure that you can actually afford an investment in a buy-to-let property is something that needs to be determined BEFORE you take the plunge. Look at the kind of property you want, the cost and the possible rent you could charge. Work out different scenarios, such as the property lying empty, and look at investing in some property inventory software, which will enable you to accurately record everything in the property prior to rental https://inventorybase.co.uk/.
4. Secure a mortgage
Again, make sure you do your research on the best mortgage providers on the high street, to ensure you receive the best interest possible. If time is of the essence, you may want to enlist the help of an independent mortgage broker, who can do the shopping around for you.
Who do you want your tenants to be? Young professionals, families, or students? The decision you make on this will determine the type of property you buy, such as an apartment or house and how much work it is going to take from you to successfully manage that property.