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Buy To Let Investment Advice
Buy to Let Investment in Nottingham and Long Eaton
With over 20 years combined experience the team at Belvoir Long Eaton know exactly what Buy-To-Let investors should be looking for locally.
We are happy to share this knowledge with anybody considering a Buy To Let investment. As a proactive agent we offer a free review of up to five potential BTL properties.
Read our 'Buy to Let Investors checklist' below or contact BELVOIR! Long Eaton on 0115 9724027 or email@example.com
* Do the maths, what can you afford? - Before you start to look at property you need to set yourself a budget. A lot of B-T-L mortgage lenders are looking for a 25% deposit. Our advice is to see an independent mortgage advisor (we can recommend one to you). By doing this you will establish your 'top end' investment price and should have an idea of the repayments. Allow leeway for rate rises in years to come.
* Yield or Capital Growth, what is the driving force behind your investment? - Obviously, we all want both. However most property investments tend to provide one more so than the other. So initially it is a good idea to decide on the following - Do you want an investment that is going to top up your monthly income? Or is your main concern long term capital growth?
You can then base your property search on the decision you make. Areas that are already well developed with good amenities and close to universities will tend to attract good rental yields. Up and coming areas with new developments on the way (transport, education, leisure facilities etc.) will benefit from long term capital growth.
* Make a short-list - Once you have established an area and budget, it is time to get hunting! Use a web portal like www.rightmove.co.uk to pick out at least 10 properties. Once you have done this you need to look at the following:
- Is the price competitive? Use a site such as http://www.zoopla.co.uk/house-prices/
* Rental estimate, ask a specialist letting agency like Belvoir! who can give impartial advice without any conflict of interest.
By doing this you should be able to narrow down your short-list to maybe 3-5 properties before you even arrange any viewings.
* Think you have found a good investment? Do a final check on the sums - Remember, if you are buying with a mortgage, rent-to-property price yield will not be the return you get.
Don't forget tax, maintenance costs and other landlord expenses will eat into the return.
* Still looking good? One final check - Before making any offers, we highly recommend you arrange a second viewing on the property and take a competent contractor with you. Quite often they will spot things that your average Joe wouldn't even consider. You shouldn't necessarily be put off by anything they find (within reason), you can often use this as a tool to negotiate a bigger discount on the asking price! Ask for an estimate on the works involved to bring the property up to a good standard.