When you enter into the “buy-to-let” market, there are a number of things you should consider, even before you instruct your conveyancer.
When investing in residential property, your end goal will ultimately be to make a profit. While your conveyancer will look after the technical and legal aspects to your purchase, you should also ensure that you are clear and aware about the process first.
With over 30 years of commercial conveyancing experience, we have put together a guide to help ensure you’ve covered all areas before you start looking at properties to buy.
Probably the most important thing to do before buying-to-let is to make a plan! Sit down and set a realistic budget, research the best areas to buy in, do your paperwork, and identify your target buyer. First time buyers? Students? Young professionals? Make a clear outline of all these requirements before commencing the project – you’ll save huge amounts of time whilst streamlining the process.
When it comes to borrowing money, try and be realistic about your budget. Calculate all outgoings beforehand and shop around for the best deal. Don’t get pressured into borrowing more money than you can afford to pay back, and always try to stick to your budget.
Try not to limit yourself to a certain area when buying a property to let. Research a number of different locations to identify which has the healthiest market. Factors such as convenience will also play a big part. Does your chosen area have good transport links? Is it in close proximity to local schools and supermarkets? All these factors could make a significant difference to rental yields.
Type of property
It’s a good idea to focus on properties that you know will appeal to a wide range of tenants. Big family houses are usually less “lettable” than flats, or two bedroom houses. It’s also a good idea to centre your search on modern builds, as they will generally need less maintenance than older, period housing.
When buying a buy to let property for the first time, finding a professional and experienced conveyancer can be crucial to a successful purchase.
At Peter Robinson & Co, we often deal with Professional Landlords and can help anyone looking to purchase a buy-to-let property.
You can trust our professional conveyancing team to provide you with a fast and efficient service, necessary for a smooth buy to let experience.
Call us now on 0161 678 7996