Property investment is still a great way to realise attractive returns, even in these uncertain times as Brexit negotiations get underway. Whilst recent tax changes have resulted in extra stamp duty charges for buy-to-let property investors with the right advice you can make property work for you, whether you are buying an investment property for the first time, adding to your portfolio or looking to make the most of a property you already own as a landlord.
Our letting agents in Sunderland have assisted property investors at home and overseas, and are here to help you with the following buy-to-let tips. Read on to discover essential advice for property investors.
Get to know the market
The property market is fast paced and ever changing but keeping up with the latest industry insights can really pay off. Understanding the benefits and risks of investing in the buy-to-let market is a great way to ensure your hard earned money is invested wisely and well, and attractive returns can be reaped as a result.
Be selective about location
The location of your buy-to-let is one selling point that can’t be altered after completion, and décor aside, your tenant will be looking for an area that has plenty of plus-points in regards to its travel links, education facilities and amenities. Choose your search area prudently, avoiding the most expensive and cheapest locations. During your buy-to-let property search, scour areas that are promising, locations that you feel have something to offer to prospective tenants.
During your buy-to-let property search it may be helpful to think about your target tenant and what they would want from a property. The requirements of a solo tenant, student or young professional are likely to differ dramatically in comparison to the needs of couples and families.
Step outside of your comfort zone
When sourcing a buy-to-let property to add to or start your portfolio, going outside of your comfort zone by searching an area that you are not familiar with may be the call of the day. Your letting agent will be able to assist with pinpointing potential areas that will really make the most of your investment and help you achieve the best return.
Keep finances in mind
It’s not just expected returns that should be observed carefully, numbers need to be crunched in all areas including mortgage repayments, deposits, tax, arrangement fees and maintenance costs. Understanding the costs of being a buy-to-let investor is vital, and will certainly help when shopping around for that all-important buy-to-let mortgage.
Looking to extend or build a buy-to-let portfolio of your own? Our letting agents in Sunderland can assist.