If you’re new to property investment, then you’re in the right place.
When done correctly, investing in property can be hugely rewarding, which is why doing your homework before jumping in is well worthwhile.
It can feel like a daunting and scary topic to get your head around especially with so much legislation to stay on top of, which is why we’ve tried to make it as straightforward as possible for you.
Quite simply, buy-to-let refers to taking out a specific type of mortgage on a property where you intend to let the property out to a tenant, and not live in it yourself. By letting out this property you, in turn, become a landlord, which comes with many responsibilities you should be aware of.
If you’re thinking about purchasing a property using a buy-to-let mortgage, ask yourself the following questions before moving ahead:
You will need to be realistic about how much time you have available in your existing schedule to manage any future tenancies and consider early on whether or not you will require a lettings agent to help you manage these. Find out more about landlord responsibilities here.
Just like buying a property to live in, you will need to ensure your finances are all in check before looking to purchase property to rent out. This is especially the case if you are looking to obtain a buy-to-let mortgage or other financing options.
Rental yield and capital growth are the two most common ways landlords and investors look to increase their return on investment.
Buying a property that’s near to where you live versus on the other side of the country are two very different things and need careful consideration. You will also need to consider whether you’re looking for a new build or off-plan property, a resale property or perhaps even an auction property.
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