Where to buy to let
From the landlords point of view, the
most desirable of factors is that there is a continuous
tenancy at the property. If there are no tenants, then
you, the landlord, will have to pay the mortgage.
Location is an important factor in
determining whether your property will be considered
desirable by potential tenants.
The safest area to buy in is the town
or city where you live. You know the good and bad areas.
You have an inside knowledge of employment, traffic and
new developments. In addition to your local knowledge,
you will be able to keep an eye on your investment.
We recommend that you seek the advice
of a local letting agent. The letting agent will know
what type of people are looking for accommodation and
will know what they are looking for.
If the letting agent is keen for your
business then they will be only to pleased to advise you
on location. Try to speak to more than one letting
agent. If the advice given is similar then it is likely
to be sound advice.
Think about location from your tenants
point of view. Local factors may well be important. For
example, there is likely to be good demand for property
close to Hospitals, Universities or Factories.
If you live in London or another big
city then proximity to the tube or bus routes could be
of prime importance.
Some factors are likely to be
important wherever the property is situated:
- Parking: Most people
drive, make sure there is space to park.
- Security: People like to
feel safe. What kind of an area is the property
in.
- Leisure: Proximity to
pubs, restaurants and sports facilities will all
help
- Road links: Are major
roads accessible.
- Public transport: A
railway station close by could attract commuters
from neighbouring towns and cities. Brighton is
becoming a fashionable home to commuters working
in London.
If your letting agent identifies
families or single parents as prospective tenants then proximity
of schools may be a primary concern.
It is important to have your property
let consistently. Think about this; you are about to
enter a marketplace, and your property will be in
competition with other properties for your tenants.
Which one will the tenants choose - the bright, tidy one
in the better position?
next...buy
to let property type
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