Currently around a third of Britain’s 1.4 million private Landlords see their property portfolio as central to their pension plans and, thanks to the Chancellor, from April 2015 people aged 55 and over will be able to withdraw some or all of their pension to invest in property.
Unsurprisingly I’m receiving an increasing number of enquiries from pensioners and those approaching pension age, who are thinking about investing in property for the first time.
However, Buy to Let is not a get rich quick scheme.
I always advise those people who are new to property to make sure that the first thing they do is take professional financial advice. This is especially important if you’re thinking of using your pension pot, as if something goes wrong you may not have a regular salary or additional capital to fall back on. Regardless of all the headlines, buy to let is not without risk!
With finances agreed it’s time to talk to a property lettings specialist such as Belvoir. Investors, particularly first-timers, need to be careful to buy property at the right price, in the right location and of the right type to attract tenants now and in future years. This is after all a long term plan.
If you like the idea but are not sure where to start, give us a call, we would be delighted to discuss with you,
We are the Aldershot Letting Specialists.