Buy to Let First Time Buyers
If you are considering your first buy to let purchase, there are a number of factors you should take into account before you make your final decision.
A number of these factors are addressed below as well as information on buy to let mortgages in the buy to let information video shown here. You will find more videos about buy to let mortgages on our video pages.
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If you are looking to buy your first buy to let property it is important to research the housing market & the area in which you are looking to make a purchase.
Look for external factors that could affect the potential rental income you could earn from the property such as local amenities, travel connections as well as the prices of similar properties in the surrounding areas.
If you purchase a property in a popular area you should find it easier to rent out. Ask yourself what people may be looking for in a home and ask yourself who you want as tenants, then find a property that would be attractive to them:
- Where in the area has a special appeal?
- Where are the good schools for young families?
- Where do students want to live?
- Are there good transport links locally?
- Are there shops and other ameneties nearby?
Consider the rental market in the area in which you are looking to purchase your buy to let property; find out what other landlords are charging for rent and what the demand is for rental properties.
If you know someone who already rents out a property, ask them about their experiences - whether they would do it again and what they might do differently.
Getting a mortgage for a buy to let property is a business venture.
If the purchase of a buy to let property is intended as a long term investment you may wish to compare your potential returns with other possible investment opportunities. A buy to let property may not always be the best investment and should not be entered into without taking into account the potential risks as well as the potential benefits.
As with all financial products you should consider taking independent financial advice before you proceed.
Think carefully before securing other debts against your property.
Your property may be repossessed if you do not keep up repayments on your mortgage.