So you have decided to use some savings to invest in a buy-to-let property; the next question is where should you start your search?
Choosing the right location in which to buy is one of the most important factors in any property purchase, and particularly so in the case of a buy-to-let project.
After all, there is no point in buying a property only to find tenants simply do not want to live there. So make sure you select a buy-to-let property in an area that should deliver a great return.
Perhaps the most important thing to remember is that you must find a promising area. It does not necessarily need to be the most expensive, or the cheapest, place to buy a property, but it must be somewhere people want to live.
The good news is there are plenty of factors that can make an area desirable to prospective tenants. So ask yourself whether the town you are considering has good transport links, if it has excellent schools that will appeal to families or if it will appeal to students.
If it does, the chances are you will be able to let it successfully to a quality tenant and, as a result, your buy-to-let venture will be a successful one.
Once you have identified the perfect town, you need to find a suitable property. So think about your target audience and what type of home they might like to live in.
Should you be aiming at the student market, houses with four or five bedrooms are ideal, while if you would like to let to young professionals it is worth considering modern apartments and small houses close to stations and main roads.
We understand it is tempting to invest in the village, town or city you live in, but be wary that this is not always the best plan, as your location will not necessarily be a prime rental market hotspot.
However, on the plus side, if you invest in a property close to home, you should know the market better than anywhere else and you will always be on hand to keep tabs on your tenanted house or apartment.
For more information on making a shrewd buy-to-let investment, please contact your local Leaders branch, where our friendly and informative team will be able to help.