Where, what and when to buy a property is only the FIRST step down the landlord road.
You will also need to decide if you will rent it, or manage it yourself, or get an agent such as ourselves to do so.
Agents will charge you a management fee, but they should also deal with any problems. They typically will have a good network of contractors if things go wrong. You can make more money by renting the property out yourself but be prepared to give up weekends and evenings on viewings, advertising and repairs. The rental market is under the legislative microscope, with new laws recently passed and more expected. If you make a mistake, (legally or otherwise) it can prove to be costly.
105 South Street is a 2 bedroom apartment for sale at £79,950. With a rent of £475/m, that gives a yield of 7.1%
73 East Street is a 2 bedroom terrace. Sales price is £59,950. With rents for similar properties at £450/m, yields of 9% are achievable.
If you have already done a search for a property, or are trying to figure out where to start, we’re happy to advise on properties before you buy, whether you are a Belvoir landlord or not.
For more information, please contact us or visit one of our offices.