When searching for buy-to-let property for sale, many new property investors tend to make their local estate agents their first port-of-call. After all, it makes sense, particularly if you’re looking in a particular area, to speak to local property experts!
Whilst estate agents occasionally have bargain properties on their books, the reality is that the real bargains tend to be found elsewhere. If you’re serious about developing a successful property portfolio, here’s a list of alternative places to find the right house at the right price.
Finding Property Investment Opportunities in Other Places
- Buy a repossessed house. It’s worthwhile searching for house repossession sales, as they’ll often be priced competitively, in order to sell quickly. They’re sold by the bank or building society to which they legally belong, and can be found in the regional papers or at local property auctions. It’s worthwhile enquiring with mortgage lenders in the area, as they’ll often know of suitable properties coming to market.
- Online. Many home-owners are choosing to bypass traditional bricks-and-mortar estate agents and sell their homes online. Without the estate agent cut to worry about, these properties are often priced more reasonably, and you’ll also have the opportunity to haggle direct with the owner.
- House auctions. Buying a house at auction is a fast-paced, frenetic activity, but it can reap big financial rewards. If you’ve got the available funds to pay 10% on the day (the remainder must be paid within 28 days) then you may be able to land a bargain. On average, bidders save 15% off market price, which can equate to thousands of pounds.
- Property investment agents. If you’re keen to develop a property portfolio in as cost-efficient way as possible, it’s worthwhile working with a property investment agent. A good property investment agent will have an extensive list of available houses on their books, and all will be priced to sell. This significantly boosts your chances of making a profit.
- Cash sales. If you’ve got the available lump sum, seeking out a cash sale is a great idea. Cash buyers are highly sought-after, and you’ll have far more leverage when it comes to haggling on price.
Things to Consider
- Profit margin. It doesn’t matter how cheap the property is. If it doesn’t offer a good enough profit margin, it makes no sense to invest in it. Always do your research before buying.
- Location. Some areas are more desirable than others. Finding a run-down property in a highly desirable area can mean great profit potential, providing you’re willing to take on the work of improving it.
- Rental potential. If you’re looking for buy-to-let property for sale, it’s important to check the market first. Are there plenty of available tenants in the area? What are they willing to pay? It’s important to number-crunch before making any decisions.
The Buy2Let Shop Limited
If you’re looking for property investment opportunities, a property investment agent can provide invaluable assistance. The Buy2Let Shop are a team of professional property investment agents in London, and we’re here to help you find the right house, at the ideal price.
We also hold regular free property investment seminars, which are designed to boost your knowledge of the market, and guide you through the investment process. To find out more, simply visit The Buy2Let Shop website today.