If you’ve decided that buying a property to let out would be a good investment then you’re right. When you look at the potential earnings compared to having your money in the bank, which currently offers extremely low interest rates, it’s a no-brainer. However, usually you can only do this if you can afford the large deposit normally associated with a buy-to-let mortgage unless, of course, you have the money to buy a property outright without a mortgage.
What to look for when buying a property to let is the most crucial step to being successful. In this article we will be going through some of the main points you need to consider when buying a suitable buy-to-let property (as they are referred to).
Before going any further make sure your finances are in order and that you can afford to buy a property. Work on the worst-case scenario in terms of income you’ll receive. If you need a mortgage to buy a property, make sure you are eligible to get one. Also don’t forget to do your research! Do you know all the risks involved as well as the obvious benefits? It would be worth having a look at our landlord guide too so you are aware of all the responsibilities you will have as the property owner. Below are some of the main points to consider.