It would be simplistic to see Buying to Let as a quick and easy way to make money, but if managed carefully and professionally it could be a long-term way of growing your finances. If you are thinking of entering the Buy to Let market, and there is every indication that now might be a good time to do it, Estate Agent Today suggests some useful tips:
1. Work out your budget. In addition to the initial cost of purchase, you need to set aside a sum for necessary works. Your mortgage repayments combined with the price of items such as insurance, council tax, water rates will give an idea of the amount of rent you will need to charge to make the property a profitable investment.
2. Shop around for the best mortgage deal, possibly engage the services of a specialist buy-to-let mortgage broker.
3. There is a higher demand for property in some areas than in others: make sure your property is situated in the most profitable area, not just somewhere that is convenient for you!
4. Identify the type of client you would like to attract and tailor your property to suit their needs, this could make your property stand out from the others on offer in the same neighbourhood.
5. Make sure you have adequate insurance cover.
6. Consider using an agent to help with the general running of the property.
If you need some more help and advice about buying or renting out property we are letting specialists, so contact one of our lettings team today.