There’s a great profit to be made from investing in buy-to-let property for sale, particularly if you purchase in the right area. However, while location is often discussed at property investment seminars, what’s less talked about is the house itself. Yes, finding the ideal city of town to invest in is vital… but so too is choosing the right investment property!
Before You Start Searching
At our property investment seminars, we often discuss the importance of the house itself, as well as the location. It’s tempting, once you’ve identified a great location, to dive straight in and start scouring the market for properties. Before you do, take the time to ask yourself the following:
- Who are you targeting? Tenants will have different priorities, depending on their age, career, gender and lifestyle requirements. Work out who you’re trying to attract, as this will help guide your search.
- What’s your budget? Sit down with a financial advisor or property investment agent and work out how much you can realistically afford. There’s no point looking at buy-to-let properties for sale that are far too expensive.
- Are you prepared to take on a project? Fixer-upper properties offer fabulous returns but they’re not for the faint hearted, particularly if they require major structural improvement. Be realistic about what you can take on.
The Perfect UK Property Investment? A Checklist
- Adequate room sizes. Tenants will be put off by small rooms, especially in the living area (though this is likely to be less of a problem for students). Look for properties that offer reasonable dimensions inside.
- The right number of bedrooms. As a rule of thumb, the more bedrooms you have, the higher the rental yield. Remember, if you’re renting to students or young professionals as an HMO, you can always convert additional reception rooms into bedrooms, or even convert the attic or garage.
- No major works required. If the property is a bargain price, then you may be happy to make major improvements. However, make sure that there are no nasty surprises waiting for you – such as hidden leaks, damp, or a faulty heating / electrical system. A professional survey is worth its weight in gold!
- Good kitchen / bathroom. Tenants often focus on these two rooms, and a dated bathroom suite or tatty kitchen can be a real turn-off. If you’re looking at a property that’s in bad need of a new kitchen / bathroom, make sure this is reflected in the price.
- Nice front garden. Tenants usually make their mind up about a property within the first few seconds of seeing it. That means that the front garden needs to be ship-shape to ensure it makes a good impression. View the front of the house with an appraising eye when you go on a viewing, and work out how easy it would be to make it look appealing.
The Buy2Let Shop Limited
The Buy2Let Shop are a team of expert property investment agents, and we’re here to assist with every part of the process; from finding the ideal buy-to-let property for sale, to purchasing at the right price.
To find out more about our services, which also include help with buying a house at auction, visit The Buy2Let Shop website today.