Investing in bricks and mortar has long been a national passion but with interest rates historically low, continued volatility on the stock markets and greater availability of buy-to-let mortgages it is also a popular option for investors.
Whether you are a seasoned landlord or hoping to purchase your first buy-to-let property, William H Brown is delighted to offer these top tips to landlords and buy-to-let investors in the current market.
1. Research the market: it’s vital to research every aspect of your buy-to-let investment, from whether you are getting the best rate on your mortgage to what yield you can expect in the area you choose to buy in. Make sure you get advice from a reputable local lettings on the demand they are seeing for rental property
2. Choose your lettings agent with care: whether you require an agency to simply find you a tenant or manage the property on an ongoing basis, choose a reputable, self-regulating agency. Agents should be able to demonstrate how they comply with industry best practice, for instance, they should have Client Money Protection, be members of the Association of Residential Lettings Agents (ARLA) and be part of a Tenancy Deposit Scheme.
3. Consider renovating: buying a property in need of some refurbishment or renovation can be an effective way of picking up a great property at a discounted price. Provided you have done the maths and are fully aware of the costs needed to get the property up to rental standards, buying a ‘do me up’ home can be a good option.
4. To manage or not to manage: Consider how hands on you want to be once you have tenants in the property. If you would rather avoid having to drop everything and deal with calls from tenants, it is best to pass property management over to a reputable local lettings agency.
5. Commit for the long term: in today’s housing market, it is advisable to focus on the yield rather than the chance of short-term house price increases.
6. Get financial advice: Consult an accountant and/or tax advisor on how your property investment should be set up and what costs you can set off against your rental income.
“The rental market in and around Wisbech has gone from strength to strength in recent years,” says William H Brown Lettings Manager Vickie Jones “That said, it pays to invest with care and make sure you are getting good advice on the best rental option for you. I would urge anyone who is thinking about letting to get in touch
and discuss the possibilities for purchasing and renting a property.”
If you have property to let and would like to book a free market appraisal with William H Brown, please contact the branch on: 01945 467828 or email: email@example.com.