Property Buying Guide
Buy to Let Advice: For First Time Buyers and Everyone
Although a more complicated option, the number of first time buyers becoming landlords is on the increase. Buying a property in a more affordable area and letting it out while you remain living at home, or in rented accommodation yourself could be a way forward but will require a lot of research and should be viewed as a long-term investment.
If you live in an area where property prices are out of reach and you are struggling to save enough to put down a deposit, you could find that by looking in a different part of the country (or even abroad) you are able to make the initial investment, possibly benefiting from lower prices. You should consider, however, the potential rental market and, where possible, should look at buying in an area where there is a strong, proven demand for rental accommodation. There is no substitute for doing your own research and if you are buying in an unknown area - or unknown country - you should make sure you are fully aware of the possible rental market before you buy, as this will inform your choice of purchase. The rental market may consist of students, young professionals, couples, families, holidaymakers or older people, but never just buy somewhere and hope to be able to rent it out.
More buy to let advice:
How much can you borrow? l Buy-to-let mortgages l The tax situation l The hidden costs l Finding a suitable property l Your responsibilities as a landlord l Letting agents l Tenants l Furnished and unfurnished properties l Buy-to-let useful websites l Buying Property Abroad
Useful Links:
www.arla.co.uk
www.cml.org.uk
www.landlords.org.uk
www.direct.gov.uk
- Find a conveyancing solicitor to help you with your conveyancing needs
- A families solicitor can help you with wills and ownership agreements
- You will need a friendly mortgage advisor to help you on your way
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