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
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