Buy To Let Property Finders' Checklist
Before you consider buying a property with the intention to let it to a tenant you should ensure you have considered the following:-
Do Your Homework
Research the area you are considering to purchase a buy to let property. Ask for advice from the local letting agents for the most popular type of properties and the current rental demand in the area. You can also ask the local authority's housing department who should also be able to advice you of their current demand for rented accommodation.
Decide on your Target Market
Who you want to target as tenants of your property whether it is young professionals looking for a high quality apartment, students who will need a more affordable let or families requiring a larger home.
Location, Location, Location
Decide on the location that suits your target market. If you are looking to provide student accommodation then a location near the university is preferable, if the young professional or family market is the market you are aiming for then good transport links are required and a location near a train station would increase the demand for your property.
What can you Afford?
You will need as a minimum 20% deposit towards your property, there are however some lenders requiring a deposit if 30% - 40% but you may be able to secure better rates with a larger deposit.
