You might be dipping your toe into the Buy to Let market for the very first time or you might be buying your second or third property, either way the starting point is exactly the same. You will need expert advice on purchasing the right property; an investment property that stands empty is not a good investment. That is why it is essential to get good advice on what will let.
Since the Government launched the ‘Help to Buy’ scheme the increase in demand from purchasers has pushed house prices up and this has encouraged many people to invest in property sooner rather than later, taking advantage of great rental returns plus the prospect of a rise in property prices.
When looking for an investment property it is worth considering the type of tenant that you hope to attract. For example, a single professional tenant may well want a new apartment close to a mainline station whereas a young family may want access to a local school and will need a garden. If you do decide to purchase an apartment it is worth bearing in mind the service and maintenance charges that will have an impact on your return and need to be taken into account.
It is worth considering the age of the property; a brand new apartment may not be something that appeals to you but would make an ideal rental property as it is unlikely to need any expensive maintenance or repairs. You may prefer a character cottage for your own occupation and of course it would still appeal to tenants but bear in mind it could need expensive routine maintenance such as new boilers, windows or roof repairs, affecting your return.
At Mackenzie Smith we can help you identify a potentially good investment property and advise you on the likely rental income and returns. With our extensive New Homes department and network of local sales offices strategically placed along the M3 corridor, we can offer investment landlords a huge choice of properties.
For advice on any aspect of residential lettings please call the lettings team on 01252 514000 or email email@example.com.