Landlords: Buy-to-let the right property
It can seem daunting knowing that you are looking to find a brand new property to invest in. It isn't just as simple as finding a nice house or flat then leasing it out to a willing tenant, but don't worry the Poppy experts are here to help.
Whatever property you decide on does not have to suit your individual needs, it has to be the right fit for a tenant. So we have put together our tips to help in that all important property search.
- Location, Location, Location. Getting the location of the property right is key, depending on budget always strive to buy in the best area that you can afford. Even if the actual property is not up to your standard when you buy, you can always redecorate the inside, you can't change the location.
- Property Condition. Always assess the condition of the property looking for any signs of damage, damp and expensive repair works. The likelihood is that you won't find the perfect property and you will need to invest money on the internal and external features to get the rent that you want. Focus on the key areas; kitchen, bathroom, garden. Everywhere else can be made into a blank canvas using a simple lick of white paint. This helps open up the space and allow potential tenants to visualise themselves and their belongings there.
- Get the money right. It's great to think that you are making your tenants happy by creating a modern and comfortable space, but don't forget to check your property yield. You are looking for a property that is going to give you the best ROI (Return-On- Investment). Our experts can give you an appraisal on your property to evaluate what sort of yield you can expect. Check out your property yield from our yield calculator.
So there you have it, make sure that you don't embark on the property investment adventure alone. Talk to our experts and tell them what you are looking for. They can guide you through the entire process from looking to purchase your buy-to- let property, right through to making sure your new tenants are happy in the property.