Buying a property for the purpose of letting it out can be a rewarding and profitable investment strategy when done well, but like all investments it is not to be approached without proper care and preparation. The following tips, in particular, can help you make the most of your buy-to-let investment.
Choose a Property Carefully
Don’t just buy any old property, even if it is good-quality. Think carefully about not just the quality of the property itself but other key factors, especially location. You should also think about what kind of tenants this property type is most likely to attract, and whether it has not just a good location but the kind of location that kind of tenant looks for. For example, a quiet street close to schools is great for a property that will attract mostly young families, but not as good as being close to commuter links if you are buying a small flat of the kind favoured by young professionals. Making a profit on buy-to-let depends on having a property that will attract tenants and be tempting enough to make them pay a good price. In looking for good locations, don’t think you necessarily have to buy a local property; it is entirely possible to invest in a property located miles away from your home.
Do the Maths
It is definitely worth going over the numbers in a fair amount of detail before going in for …Read More