Top 5 Tips On Buying Your Perfect Buy-To-Let
Welcome to our first Lettings Blog!
We want to give you some top tips before purchasing your perfect buy-to-let property. We want to make sure you get the most out your investment and you understand all important stages before buying the ideal house!
Top five tips on finding your perfect buy-to-let property:
Research the market on buy-to-let
As with most things in life, knowledge is power when it comes to excellent investing in property and the first step we would always recommend is to make sure you are fully aware of all the risks and benefits of investing in a buy-to-let property.
In recent years a savings account would beat most investments but now that the rates are lower, your money might achieve a better return in other places.
The more knowledge you have and the more research you do, the better the chance of your investment paying off.
There are plenty of Landlord Forums around, which you can take part in to widen your knowledge about the rental market. This will give you a chance to speak to other investors and get first hand advice from them.
Despite the recent changes to tax laws and regulations, there are many property investors who will still argue that it takes a lot to beat buy-to-let when it comes to investing your hard-earned money.
Choosing the right location is the first step towards securing yourself a successful buy-to-let property.
Don’t fall in to the trap of buying a property in the most expensive area or buying a property in the cheapest area.
A good place to start is to look for a property in an “up and coming area”.
The best performing buy-to-lets will be close to good schools, transport and amenities.
We find that a large percentage of Landlords tend to invest in property close to where they live, which is fantastic as they are likely to know the market better and also know which properties will generate a healthy return.
Plus, you’re a lot closer to keep tabs on the property!
Shop Around And Get The Best Buy-To-Let Mortgage
If you don’t need a mortgage skip to the next step, but for the rest of you that do please read on.
Speaking to a knowledgeable, independent broker when looking for a buy-to-let mortgage can save you thousands and really help to maximise your investment.
Not only will they talk you through the process but also provide you with the best deals available and weigh up which one is right for you.
Spending a bit of time researching the mortgage market before seeing any experts will allow you to go into the conversation armed with the knowledge of what sort of mortgages you should be offered.
Here at Hannells, we work with Mortgage Advice Bureau who can search thousands of mortgages from over 90 lenders to help you find the product that is most suited to you and your property investment.
To speak to one of our brilliant, financial advisers to see how much we might be able to save you, just get in touch with your local branch of Hannells and we’ll be all too happy to arrange this for you.
Think About Your Target Tenants
Instead of imagining whether you would like to live in your investment property, put yourself in the shoes of your target tenant.
Who are they and what do they want?
If they are students, it needs to be easy to clean and comfortable but not luxurious.
If they are young professionals it should be modern and stylish but not overbearing.
If it is a family they will have plenty of their own belongings and need a blank canvas.
Remember that allowing tenants to make their mark on a property, such as decorating, adding pictures or taking out unwanted furniture makes it feel more like home.
These tenants will stay for longer, which is great news for a Landlord.
Who will manage your investment?
From finding you a tenant to completely managing your property, your Letting Agent holds a vital position in looking after your investment.
Take time to research local managing agents – don’t just go for the cheapest fees, as in the long run, this could cost you a lot more.
A reliable agent should keep you updated at all times, do everything possible to find you a perfect tenant and keep both parties happy throughout the duration of the tenancy – something that Hannells always adhere to – to provide you with a moving experience.
Here at Hannells, we provide a comprehensive range of people focused property services to help each and every one of our customers get the very best out of their move.
We recognised that we’re in the privileged position of being able to play an incredibly important role on what will be one of the most expensive decisions you’ll ever make and one that often marks the start of a new chapter.
That’s why it’s our purpose to deliver the complete moving experience and amaze our customers from start to finish.
If you have a property to rent in Derby, get in touch today and let’s kick-start your moving experience together.
The contact details for our network of Derby branches can be found HERE
Hannells – A Moving Experience