Guide on becoming a first time property investor
In spite of recent changes on Land and Building Tax, property can still be a great investment – especially when it’s done with the right advice and guidance. If you are on the brink of making your first buy to let purchase, this post will help you plan for a sound investment.
Investigate local areas
By talking to our property team, you can get accurate information on local neighbourhood pricing and yields so before you start set your heart on a certain area, it is good to make a comprehensive research of local trends.
Know your numbers
Once you have decided on an investment area, it is important to know your budget. So look into your finances and figure out what your purchase power is. It is important to be able to move quickly in the current seller’s market, so make sure you have all elements in place for a quick offer once you find the perfect investment opportunity.
Turn key or fixer upper?
It might be tempting to spend your budget on a project and planning to tackle the renovation after purchase – and that works great for some investors. It is important to weigh the pros and cons and figure out if you are ready to tackle such a project from your very first investment or if you need to gather further experience before committing to big projects.
Get a good letting agent
There are a growing number of rules and regulations when renting out property – from tenancy deposits schemes to health and safety. That is one of the reasons it pays off to work with a seasoned letting agent – like ourselves. With over 400 properties in our letting portfolio locally, Caledonia Property can be a reliable help in setting you up as a successful landlord.
If you are thinking of investing in property, give our friendly team a call on 0333 241 3333, we will be happy to help with information and advice.