Buy To Let Mortgages in Colne Retirement planning, investments and corporate planning. Why buy to let? In the UK, unlike many other European Countries, there is a very strong tendency towards property ownership. It is seen by society as a natural step in financial progression, and a sign of status and financial good standing. Buying a home is widely considered
a natural step for couples and singles alike.
In recent years, due to limited investment performance in various UK sectors and rising house prices, it has become popular to buy property as a form of investment.
Whilst buying and renting our property is a good way of providing regular income, combined with the potential to develop a healthy level of equity over time on the property, it is important to consider the amount of responsibilities, costs and legal requirements
involved.
This section of the website is designed to inform you of these and recommend select products to maximise your rental income and minimise the inconveniences so often associated with tenanted properties.
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Choosing a suitable property The most desirable of factor in buying a property to let is that there is a continuous tenancy. If there are no tenants, then you, the landlord, will have to pay the mortgage and buildings insurance. It is important to consider that you are able to afford
this before taking a buy to let mortgage.
Location is an important factor in determining whether your property will be considered desirable by potential tenants.
The safest area to buy in is an area that you are familiar with. You have established knowledge of various considerations such as public transport, local facilities such as hospitals and employment prospects. Buying in your local area also allows you
to keep a close watch on your investment property without inconveniencing the tenant. Whilst in some areas it is desirable to live as remotely as possible, most tenants would look for facilities such as Parking - Most people drive, make sure there is
space to park. Security does the property have an alarm? Is it is a good well lit area? Leisure - where is the property in relation to pubs, restaurants and sports facilities? Transport links - are major roads accessible? Schools & Education - if
you wish to rent to families then proximity of schools may be a primary concern.
All these points can make or break your property, and indeed a property offering all these facilities will be more marketable.
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Local Estate Agents It is often thought that the advice of a local letting agent is invaluable, even if you choose not to use their services. They will provide information on the amount of rent you will be able to get for your property and can take the strain of repairs
and maintenance, however all this comes at a cost and it is wise to investigate various letting companies before committing to one. It is also possible to market your property in the local newspaper, through websites such as www.fish4homes.co.uk.
It is vitally important to have your property let consistently, you are about to enter a financial marketplace, and your property will be in competition with other properties for your tenants. It is important to make your property as attractive to tenants
as possible.
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