Choosing A Property For Buy To Let

Choosing a property with the specific purpose of letting it and getting a buy to let mortgage is very different from buying somewhere to live in. There are alot more things to consider and it is important to remember that it is a profit making exerercise, not an ideal home exercise.

1) Research your target area.

You will want to buy in an area where you are sure there is good rental demand and where rental prices are favourable for landlords. Get in touch with your local letting agent who can give you all the relevant information. Things you will need to ask him are questions about the type of people looking to rent, the sort of properties that let the best and the sort of money you could expect to rent for,

2) Take Advantage of your status as a buyer.

You have the benefit of not being in a chain and this will be an attractive quality to someone selling their home. Therefore, do not go for the first property you see at asking price, go in low and use the leverage you have.

3) Make sure of your figures.

Typically Buy to let properties are not lived in for nearly one month per year. it is important that you account for this and also plan for the worst case scenario that your tenant leaves and you cannot replace him/her quickly.

4) Dont get too worried about garden space and other aesthetics.

Look at the property from the point of view of an investor not a nest builder. Having a big garden will not ass much to the rental value and will be a hassle to maintain. Choose properties that have very low levels of maintenance.

5) Make sure you shop around for a good mortgage rate.

Many companies offer buy to let mortgages and nowadays it is easy to compare quotes by filling out one simple form. This site offers that facility with no obligation to proceed. If you would like a free quote please use our buy to let mortgage quote form.

6) Furnish your property to a good standard to attract the right tenants.

Make sure you don't skimp on the furnishings.This will end up as a false economy in the longterm. The type of tenant you want to attract will not be happy with poor or second hand furniture not to mention the fact that it would break furniture and furnishing rules and regulations.

Stick to the above points and take your time to do your homework and you could become a very successful buy to let landlord.