When you’re searching for buy-to-let property for sale, you want a house that’s going to deliver a good return – both in rental yield and in capital growth, making you money while you sleep. If you purchase a property at the wrong price, you run the risk of eating into your profit, which isn’t a great business move!
As property investment agents, The Buy2Let Shop have compiled a handy list of tips, designed to help you secure a good property, at the right price.
Tips for Investing in Property in the UK
- Research the area. When you’re considering which area to search for buy-to-let property for sale, make sure you do your homework. Find out what average property prices are; plus what sort of rental income you can expect to generate. It’s also important to look to the future. Are there any plans for regeneration, which might make property prices rise? Are there any new transport links due to be built in the area? Conversely, is there anything that might make prices go down, such as the closure of a local train station? Do your research before you even start looking at investment properties for sale.
- Look in the right places. These days, most homebuyers start their property search online, via one of the major property portals. However, if you want to generate a good profit, you may want to base your search elsewhere. Buying a house at auction, for example, can save you as much as 15% off the usual asking price. Also, property investment agents often have investment properties for sale on their books, which aren’t available on the general market. They’re generally priced cheaply for a quicker sale.
- Ask the right questions. When you’re viewing a property, make sure you ask all the necessary questions, in order to gather the information that you need. For example, what work has already been done on the property? Is there any planning permission in place to extend the house? If it’s already being used as a buy-to-let, what rental yield is it generating? When was the boiler replaced? What’s the situation with parking? As you can see, this is a potentially endless list – so it’s important to work out what your top priorities are when buying.
- Do manual checks. Don’t take an estate agent’s word for it, check for yourself! Press your hand against the wall to feel for damp, and keep your eyes open for tell-tale patches on the ceilings and near windows. Turn the taps on and flush the toilet, to check water pressure. If possible, check out the central heating by testing the radiators. Remember, if there are problems with the house, it could cost thousands to resolve – so you need to know exactly what the issues are before committing.
- Haggle for the right price. Remember, this is a business transaction, so you need to think with your head, not your heart. If the property has been on the market for a while, this suggests there’s room for negotiation on price. If you’re not sure what to offer, ask a property investment agent for advice.
To learn more about investing in property to make money while you sleep – attend one of our property seminars
The Buy2Let Shop Limited – Property Investment Agents in Bromley
If you’re looking for buy-to-let property for sale, and you want to ensure you generate a good return on your investment, talk to The Buy2Let Shop today. We’ve got a wide range of properties on our books, which aren’t available on the general market, and we also offer help with buying a house at auction.
To find out more about our services, visit The Buy2Let Shop website today.