Investing in UK property is a great way to generate a profit, especially if you purchase a buy-to-let property for sale. Buy the right house at the perfect price, and you’ll make money from rental income, plus profit from capital growth in the future.
If you’re new to UK property investment, it might all feel a bit nerve-wracking – particularly if you’re not sure where or how to start looking. That’s where a property investment agent can come in useful; as they’ll help you to identify the ideal house for your budget, with a view to maximising returns.
Here’s a useful guide to finding your first investment property and getting started as a landlord.
Finding Your First Buy-to-Let Property for Sale -What to Consider
- Does it have rental potential? Believe it or not, not all houses have the potential to appeal to tenants – in fact, there are several out there that wouldn’t be suitable at all. When viewing the property, think about the following:
- What’s in the surrounding area? Are there transport links nearby? What about local amenities and schools? In short, is it easy for tenants to get where they need to go? If not, they’re unlikely to consider your property.
- Is it the right size / layout / style? Does the property offer enough space for the tenants you have in mind? Are the rooms configured in a suitable manner – and if not, would it be relatively easy to alter? Would the architectural style of the house appeal to your tenants? You’ll need to think about all these details before you buy.
- What’s your budget? Before you start searching, you’ll need to do some important calculations, to work out exactly how much you can afford to invest in the initial stages. You’ll also need to forecast how much you can realistically expect to generate over the next few years, and what your strategy will be in terms of expanding your portfolio / selling and reinvesting your money. Remember, you’ll need to take all costs into consideration, including:
- Work required to bring the property to standard (e. DIY, structural improvements, decorating).
- Mortgage fees
- Letting agent fees
- Marketing costs
- What’s the rental yield like? Some areas will offer better rental yield than others, and if your focus is on generating a solid monthly income, this should be a top priority. The northern cities offer particularly appealing yields at present; with Manchester, Liverpool and Sheffield performing strongly. In Scotland, Glasgow is also a good option. Alternatively, you may want to make a profit from capital growth – in which case, we recommend exploring the towns in the commuter belt surrounding London.
Expert Advice from The Buy2Let Shop
If you’d like to learn more about investing in property in the UK, get in touch with The Buy2Let Shop. We’re a team of property investment agents in London, and we’re here to help at every stage of your investment journey. For more details, simply visit The Buy2Let Shop website today.