Buy to let investment could be a viable option for those looking to get started in property investment, as well as for those with an existing property portfolio. This is generally considered to be a sound investment because you can benefit from long-term growth and you can earn extra income from rental payments.
Despite this, it’s always best to look to the future when making any significant investment. This can help you to safeguard your investments and maximise your growth potential. That’s why the Manchester property solicitors over at Abacus Solicitors have provided their expert insight into the future of the buy to let property market, so that you can determine whether this is your ideal investment option.
To help you maximise the returns on your investment, we’ve provided some additional tips that can help you to reduce risk and increase your potential returns.
Conduct extensive research into the market
Researching the market as much as possible can help you to spot trends and patterns that will signal how your investment could fare in the future.
You can do this by staying up to day with industry news, as well as speaking to property experts and solicitors. This will help you to get a range of opinions and insights into the buy to let market, thus helping you to see if you’re about to make a sound investment.
Focus on attracting the right tenants
It’s not enough to simply put your property up for rent and see which tenants come to you. Instead, you’ll need to identify the tenants you want to target first and focus on attracting them.
You may want to think about targeting families if your property is near to schools or parks. On the other hand, if your property is in the centre of a busy city, you may want to focus on targeting young couples and professionals that may be working nearby. Once you’ve decided on the type of tenants you’d like to target, it’s easier to tailor your property to their needs.
Look for the best buy to let mortgage deals
Even if you’ve been with your current bank for a number of years, it’s always best to shop around to see if other mortgage providers are offering lower prices and better deals.
You can do this by using comparison sites such as Compare the Market and USwitch, or you can ring or visit each branch individually to see what they have to offer.
A mortgage broker can cut down the time and effort required to scour the market for the best deals. Despite adding additional costs to your transaction, mortgage brokers also provide a lot of benefits, therefore, this is a great option to think about if you’re new to buy to let investment.
As with any significant investment, it’s best to take careful consideration before making any rash decisions. Many people opt for buy to let investment because it has the potential for significant returns, however, it’s important to speak to the experts so that you know that you’re making the right choice.