Buy to let properties can be a very attractive & prosperous investment, however, it is important that you understand exactly what’s involved before proceeding.
• Understand what investing in a buy to let property involves
Ensure that you research into what buying a buy to let property really involves and make sure you are fully prepared to comply with your obligations & responsibilities as a landlord.
Even if you already own your own home, buying a buy to let property is not always the same. If you need a mortgage, this will be a buy to let mortgage, which will be different to your current mortgage. Buy to let mortgages have specific rates, rules and interest rates.
• Can you afford it?
Ensure you calculate your finances carefully. Ideally, have a “slush fund” (equivalent to at least 6 months rental income) available for maintenance and loss of rental income, just incase your property is left empty in between tenants.
• The right price
Once you have found the rental property that you’re looking for, don’t be afraid to make a lower offer & haggle over the price. The housing market fluctuates and you may not know the personal circumstances of the sellers, so this is not a time to be shy about asking for a price reduction.
• Look after your customers
If you are providing your tenants with a good service this will mean that they want to stay put which, in turn, means a more regular rental income & a reduced risk of your rental property being vacant. This is especially important with multi-let property, where the finishing touches are what keep the house full. The fastest Wi-fi, a well-stocked kitchen, all help keep your tenants happy.
• Get the right mortgage
A mortgage for a buy to let property is very different from a residential mortgage, so please get in touch with our team – we can help you!
📞 – 01225 800 849
📧 – enquiries@aspirepropertyfinance.co.uk