Top Ten Buy-To-Let Tips in Hull Buy-to-let has come under cosh recently from a tax crackdown, ho...
Top Ten Buy-To-Let Tips in Hull
Buy-to-let has come under cosh recently from a tax crackdown, however this is not haulting prospective landlords here in Hull. Landlords still find the buy-to-let an attractive investment at a time of low interest rates.
Buy-to-let can still pay off if you do want to invest or improve your return on a property you already own as a landlord its essential you do things right.
1. Research the market.....If your new to buy-to-let what do you know about the market? Do you know the risks aswell as the benefits? Ensure buy-to-let is the investment that you want.
2. Research the area.....always go with a area that is popular, the area that people want to live in. To many people make the mistake of choosing a cheaper property then have trouble letting the property as its in a less popular area.
3. Do the maths on your buy-to-let....Once you have a mortgage rate and the rental amount, you will then be able to decide if this investment will work out. Always bare in mind any maintenance costs and the possibility it may take 1/2 months to find a tenant for the property.
4. Shop around for the best buy-to-let mortgage....Do not walk in to your local high street bank, research online all different lenders some have some very good offers.
5. Think about your target tenant...Put yourself in the tenants shoes as if you were living there. i.e student ( easy,clean, nothing to luxurious ), Professionals ( Modern, stylish, but not to over bearing ), Family ( They will have lots of belongings so a blank canvas ). Remember allowing tenants to make the property there home makes happy tenants and happy tenants remain for a long time.