Expanding your portfolio
If you’re contemplating buying a second property, and expanding your portfolio, you will bear in mind the added complexities that will come with this.
Key things to think about include:
- Your ability to secure financing for a second buy-to-let property
- General market conditions and the impact any changes to legislation (e.g. stamp duty, interest rates) might have on your finances and holdings
- Would you benefit from using an agent to assist with the managing of your properties? If you’re time poor, this may be a worthwhile exercise, especially as your portfolio grows, and will help to alleviate the day-to-day running of your properties.
- Would you benefit from instructing an accountant or lawyer to assist you with the added complexities that come with a larger portfolio? Though added expenses, they may save you time and worry.
As with any property purchase, always speak to a financial advisor before making any final decisions.
As your portfolio grows, and you find yourself letting several properties, we recommend you take a look at the landlord associations as this may be another useful tool to have to hand.
National Landlords Association: http://www.landlords.org.uk/
Residential Landlords Association: http://www.rla.org.uk/