When it comes to selecting a buy-to-let property, there are several factors you must consider before making a final decision.
After all, you don't want to buy a house only to find that you're unable to rent it out for a particular reason, as this is likely to prove a very expensive and fruitless exercise.
Insurance specialist Stride has revealed some of its top tips for choosing a rental property as a prospective landlord:
This must be one of the very first issues to cross your mind.
Owning a property in the right place - both in terms of the city it's in and where it stands in relation to local amenities - is of paramount importance as it will help you to keep the house occupied at a rental rate you're happy with.
In some cases, you might wish to prioritise buying a home close to a university if you're thinking of renting to students, or near bus, rail and road links if you're aiming to attract workers.
This can only be achieved once you have worked out whom your target market is. It's vital that you carry out research into this matter. You must find out what people in a certain area want and how much they are prepared to pay for it.
Should you identify families as your ideal tenants, picking up a property near to schools that offers plenty of peace is a wise move.
Budgeting is another important factor and you should consider whether the property may need any repairs or renovations before it's fit to rent out, as this can add costs to your initial outlay.
Finally, you must think about the future, as while ensuring your rental property is attractive to tenants in the short term is crucial, there will come a day when you may wish to sell it and you will need it to appeal to buyers at that stage too.
Published on: January 24, 2014