Experts at Belvoir, a British listed lettings and real estate agency, have spoken about investors who are looking for that perfect buy to let investment anywhere in the globe and has shared that there are five points that need to be considered before signing off on any contracts. So, before you put that pen to paper, here are the 5 main things that you need to take into consideration.
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If you are looking to unlock the door to a promising property investment, one of the most invaluable tips is to buy in the right location. Those highly sought after addresses and prime post codes not only sell properties, they assist in letting them as well.
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Mike Stuttard, owner of Belvoir Bolton, points out that there are a number of reasons that a property’s location is an important thing to consider in The Terrace EC.
Another important factor to consider, alongside assessing the property’s location for rental yields that are achievable and its capital appreciation potential, it is really important to look at what facilities are accessible and close to the property The Terrace EC.
The most essential features that most tenants will look for are local schools and their quality, distance to public transportation hubs and links to main roads, and the local shopping and entertainment amenities.
Charlotte Baker, the owner of both Belvoir Bingham and Belvoir Melton Mowbray, concurs with these tips and also adds that considering the area’s crime rate is just as important in any area you choose to invest in The Terrace EC Punggol.
It’s important to make sure that the location is desirable for potential tenants as well as being an area that they would be happy to reside in. A tenant’s top wish list needs are usually about personal safety and having an environment that offers security for their possessions.
In order to attract tenants in The Terrace EC of a good quality, as well as protecting your own assets, investing in properties that reside in low crime rate areas and have a good, solid reputation are advised.
Its very important to be sure that the investment you choose will be suitable for the market you are targeting. The tenant for The Terrace EC will be living there, not you, so pick a property that is going to meet their needs above all else.
Adam Rastall, owner of Belvoir Liverpool West Derby, agrees that it is essential to consider your target market when you are going to invest in any buy-to-let property. He further shares that he has seen a number of investors who visit their office that have absolutely fallen head over heels for a property rather than considering what would be a more suitable choice for the market they are targeting, something that would bring them a much more achievable rental yield.
Mike Stuttard further adds that it is important to take into consideration the The Terrace EC quality as well as the types of tenants that the property will attract from a point of view based on dilapidation. For example, a property may be considered as a high rental yield, but if the type of tenant it attracts means the property is not well looked after, it can result in further expense on a regular basis with high refurbishment costs. This will greatly affect the overall return on your investment.
Another important factor is keeping void periods down to a minimum. Considering an area that offers a high demand in tenancy is recommended.
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You can find properties in prime areas that are extremely well presented that still won’t make that perfect buy-to-let investment in The Terrace EC. The figures need to add up to make it all come together.
Mike Studdart comments that the process of purchasing an investment that is sound financially is not always a straight forward thing, at least not as straight forward as finding a property that will bring you the highest possible rent yield.
Studdart further adds that he advises his landlords of the importance of looking for a property that is in an area offering a capital appreciation that is reasonable. When you take both the capital appreciation and rental value into consideration, its easier to see the overall return on your investment.
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For example, say you are a landlord who is looking for an investment that will be short to medium term (up to five years say). You would more than likely need to consider properties that are in a location with a higher capital appreciation, through which your investment return will mainly be the profit gained on the sale price.
If you were a landlord looking for an investment that was more of a long-term project, like a property that is being used as a pension for example, then you would do best to look for something that has a good balance of capital growth and rental yields.
Something else to add to this is to look at the sale price in combination with your present financial situation. Ask yourself questions, such as “Do I need a mortgage? If so, how much do I need? Will the return on my rentals cover those monthly payments? What will happen if these payments go up? Do I have any capital available if repairs and renovations are needed? Do I have or need a contingency fund for any ongoing maintenance needed in the future?”
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Before you jump into the investment game for The Terrace EC, make sure you know how you will be getting out as well. Part of any planning process when deciding to commit to an investment property is having a comprehensive and clear cut exit strategy. Would you commit to any other investments without having an idea of what you wish to achieve? The same thinking goes for investing in properties, advised Charlotte Baker.
Baker further adds that its almost impossible to know for certain if that investment will perform well compared other investment options, not unless you are certain what your own short and long term goals are.
Its important that your intentions are clear cut so that you can get the most out of your investment. Without knowing what your exit plan is from the very start means you won’t be able to choose your investments wisely.
Thinks that you need to know are how long you intend to hold on to that property and whether or not it will be able to bring you the right return in these time frames, whether this is in capital appreciation, rental returns or both.
From the start you need to have a clear exit plan. This way, should your personal circumstances change, you are able to re-evaluate the property portfolio you have and be sure that it will still meet your requirements for investment.
Ask the Experts
Before you even think about signing off on that dotted line, ask the experts. That is what they are there for! Any good letting agent will have the ability to advise you and direct you to the investments that are the best for your needs.
Rastall adds, the best way for you to identify your target market, along with an available investment that is best, is to visit a variety of letting agents for the area you are looking at to get advice.
A good letting agency will be able to offer solid advice about the rental potential for a property, alongside whether it will be suitable for the rental market of that location, and if it has the potential to be an investment that is successful with your current needs, budget and requirements.