Pause For Thought

If means allows buying a property to let out and then renting somewhere else can be a good option to get yourself on the ladder while not limiting where you live and not breaking the bank.

However a pause for thought will pay dividends. Do your homework and fully appreciate what your likely returns will be from rental income and potential capital growth.  Don’t assume you will secure both and understand the risks in investing in buy to let and do your best to minimise them

Don’t get caught out

Yep mortgage rates are currently low but always factor in the cost when the rates rise to currently at least 7% and make sure you could afford the payments.  Also acknowledge that a buy to let is an investment of 15 – 20 years or more.

Seek specialist advice from a tax expert in regard to any liability for capital gains tax as you can’t claim it is y our main residence even if it is the only home you own, you may still be liable.

Get in the right Zone

Before becoming a member of the buy to let market you need to get into the rental zone.

Lend your ear – meet other landlords and agents hear what they have to say gather a wide variety of views.

Do your research - make sure you are as  aware of the successes as well as the pitfalls.

It’s time to decide, – consider the size of the property you want to go for and the kind of tenants that would best suit you for example families, students, young professionals.

What’s the size of your pot – think about how much profit you want to realise each month and how you want to make that money work for you.

Neutral is the best policy – don’t put potential tenants off your rental property keep decor simple and neutral.

Last but not least

At David Jordan Estate Agents we are creative, inspirational and responsive to our clients and to the ever changing face of our industry.  So if you are thinking of letting, selling or buying then give us a call.

David Jordan Estate Agents

are on hand to welcome you as a new client or welcome you as one of our existing clients with lot of advice and tips to help you.  Call us on: T:  01323 898414

or email us using the details on our website www.davidjordan.co.uk

 

The Secret Recipe To Successful Viewing

Looking to rent or buy then viewing possible properties is a key factor of house hunting.

Ingredients you need to see the real property at the viewing!

Don’t view on your own – Even if you are going to live alone take a friend or family member with you because they may spot something you miss.

Examine inside and outside – Don’t get caught up in looking at the inside of the property and forget to have a detailed look at the outside. Look at drainage and pipes as well as roof and outside walls. If there are issues they could be expensive to get sorted.

Time is the key - Don’t rush or view under a tight time constraint. Give yourself about half an hour to look at the inside and the same for the outside and the local neighbourhood. You set your own pace to get the most you want from the viewing.

More the merrier - Book more than one viewing, often going back for a second time can help clarify any queries you may have and often you see things you didn’t first time around.

Don’t be kept in the dark – View the property in the daylight so you get a full view of the property and it s surroundings. It is sometimes useful to have a second viewing in the evening as well so you can see how the property looks in different lights and what the neighbourhood is like when dusk settles.

Don’t get damp – Whether you want to buy or rent damp is a big item on your shopping list to investigate, simply because it can mask many more problems.

Musty smell, bubbling paint, mould or dark marks on walls and ceilings, peeling wallpaper all can be signs of damp.  Cracks or signs of subsidence are further things to look out for and can also often indicate a more serious problem. So keep your eyes peeled.  If you are thinking about buying a property with damp then number one priority is a full survey to make sure there are no underlying structural issues.

Test it- When you are viewing don’t be afraid to test the fittings and fixtures, do the windows open, is there good water pressure, do the taps and showers work, is there loft insulation?

Park emotion at the door- If you walk through the door and immediately start to imagine living there, stop, breathe and move into objective mode and not subjective, don’t view through rose tinted glasses, use your critical eye.

Last but not least

At David Jordan Estate Agents we are creative, inspirational and responsive to our clients and to the ever changing face of our industry.  So if you are thinking of selling, buying or letting then give us a call.

David Jordan Estate Agents are on hand to welcome you as a new client or welcome you as one of existing clients with lot of advice and tips to help you.

Call us on: T:  01323 898414

or email us using the details on our website www.davidjordan.co.uk