Tips for buying a Buy-to-Let property

January 29, 2016 by Brendan

Advice & Tips

Buying an investment property and buying a home for your own personal residence are completely different, with a different set of criteria. Rather than searching for a home which has all the amenities you desire, you will be looking for a property which is in the right location for your target audience and will provide suitable financial gain.

The location is important if you have a specific audience in mind. If you would like to have tenants who are professionals, you may want to consider a property in, or close to the city, with excellent transport links. Students want to be close to the university and also require good transport links.

Although you want to buy a property which is structurally sound, the appearance isn’t so important, as long as you have sufficient funds to make it attractive to tenants. The building and its contents should comply with all regulations, but you can always deal with that aspect once you have purchased the property. If you buy a property which needs some work doing, you will be able to renovate at a much lower cost than if you bought a property which is already perfect and obviously well cared for.

Before committing to a purchase, make sure that you will have a decent financial return. Do some research to make sure that rental properties in that area are in demand, and take note of what other landlords are charging in the area. To get the best buy-to-let mortgage, consult a CeMAP trained adviser, who will be able to locate the most suitable deal for you.