How to Find an Investment Property
If you’re looking to get into the buy to let market, you’re probably wondering where to start. Of course speaking to a local agent will help point you in the right direction in terms of the types of properties that let well, but what else should you take into consideration?:
Research market conditions
Know which area you’re looking at investing in? Start by keeping an eye on house prices and average rents in the area. Register your details on our website and your local agent will be in touch with you to discuss your requirements, updating you when new properties become available that meet your specifications.
How to choose an area to invest in
Ask yourself the following questions about the area you’re looking to purchase a buy to let property in:
- Can you afford to buy a property in the area?
- How familiar are you with the area?
- What type of property are you looking to invest in and does it suit the area’s demographic? Is it very family orientated for example, or is it full of students attending the local university?
- Are the transport links good?
- What about local schools, GP surgeries, hospitals, shops etc?
- Are there any planned building or rejuvenation projects that could effect housing or rental prices in future, positively or negatively?
How to choose the type of property you want to invest in
If you already have a budget and area in mind your choice of property will have been automatically narrowed down, but there may still be some wiggle room in terms of the type of property you choose to buy. Narrow it down further by asking yourself:
- Is the estimated yield on the property inline with your expectations?
- Does any work need to be completed on the property before you can rent it out?
- Is the property freehold or leasehold? If it’s leasehold, how many years are left until it’s due to renew and how much will it cost to do so?
- Is there a regular service charge on the property?
- Is the property energy efficient?
- Can you get tenants for it based on the area’s demographic?
Above all remember to do you research and go with your head over your heart when it comes to investing in a buy to let property. Get in touch with your local agent if you’d like to know more about the rental market in your area.