Buy To Let Properties
The property that you choose for your buy to let investment is hugely important to the return that you see on your money, getting the right type of property in the right area is critical to achieving the best from your investment.
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The best place to start when looking for a buy to let property is with local letting agents, they will know their area inside out and be able to advise you on the types of property that are in demand, and also the specific locations that are sought after. Get both of these right and not only will you be able to charge a high rent, but you shouldn’t suffer with a vacant property.
If you are planning to manage the property yourself you will need to ensure that it is close to your home so that you can travel to it in order to sort out any issues that may arise, if you are too remote from the property you could find it difficult to manage effectively.
Once you have found a property in the right location there are several other areas that you will need to consider, such as the quality of the decoration, and maintenance issues and the fittings that you will need to provide. In higher cost areas tenants will expect a higher level of equipment, and in particular a good quality kitchen and bathroom, in lower cost areas the requirements won’t be so high but quality fitments will tend to outlast cheaper components and save you money in the long run.
When looking at a buy to let property, you will need to take into account not only the purchase price, but also the potential future costs – if the building is high maintenance then you will need to be sure that you will be able to cover the costs of this upkeep. Houses with timber frames or fascias, timber window frames or thatched roofs will all require a greater level of maintenance, and so your costs will be greater, the lower the maintenance requirements of a property the better for the buy to let landlord.
Estate agents are the obvious place to look for potential buy to let properties, see our list of recommended estate agents to help you find one in the area you are looking for a property in. When budgeting for your buy to let property don’t forget to take into account the stamp duty that you will have to pay on the purchase price if it exceeds £60,000 – up to £250,000 this will be 1%, up to £500,000 this is 3% and on purchases over half a million it is charged at 4%.
Finding the right property is the important first step in getting a successful buy to let set up, take a look at our recommended estate agents to aid you with this.
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