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Top 10 ways to maximise buy-to-let opportunities

Top 10 ways to maximise buy-to-let opportunities What is next for the buy-to-let sector? Since the introduction of higher stamp duty rates on second homes on 1 April, the outlook is not quite as rosy as it was 12 months ago. But it’s not all doom and gloom. Buy-to-let remains a generally sound investment and, if you follow our 10 simple tips, it can be a healthy long-term investment, too.

Top 10 ways to maximise buy-to-let opportunities

What is next for the buy-to-let sector? Since the introduction of higher stamp duty rates on second homes on 1 April, the outlook is not quite as rosy as it was 12 months ago. But it’s not all doom and gloom. Buy-to-let remains a generally sound investment and, if you follow our 10 simple tips, it can be a healthy long-term investment, too.

  1. The success of your investment will depend on a combination of capital appreciation and rental yield. Take both into consideration when purchasing a property.
  2. When planning your buy-to-let investment, draw up a comprehensive balance-sheet to help you measure the attractiveness of the investment. Make a hard-headed assessment of how much rental income you can expect, and be sure to take into account any short periods when the property might be un-let.
  3. Decide what kind of tenants you will be targeting, as it will affect the type of property you buy and how you furnish it. Professionals tend to be drawn to quite simply furnished homes, whereas families prioritise convenience and flexibility.
  4. A property that appreciates slowly and steadily in value is better than one that yo-yos.
  5. Shop around for the best buy-to-let mortgages (through a site such as www.moneyfacts.co.uk) and bear in mind that interest rates will not remain at their current levels forever.
  6. Don’t necessarily look for a buy-to-let property as close to your own home as possible. Target areas where there is already a strong buy-to-let sector and finding tenants should be relatively straightforward. Think about areas teeming with young professionals.
  7. Don’t forget to factor in maintenance costs such as redecoration. Keep in mind how much it will cost to keep the property in decent condition, then build this into your budget plan.
  8. Realistic prices are the best prices. If you pay even slightly above the odds, you will be starting at a disadvantage. So research property prices before putting in an offer. Be prepared to wait until you find the right home. Then move decisively, making informed decisions with all the facts available. Trust your instincts, too.
  9. Study the market. Track down forecasts and predictions for the area. Look out for positive signs: a new Waitrose, Starbucks, juice bars, gyms, builders’ skips appearing along streets or planned infrastructure improvements.
  10. Preliminary spade-work to find the right property at the right price is essential. Spring is traditionally a season of optimism, and there is no reason why buy-to-letters should not feel that optimism about their investments when taking a long-term view.

Are you looking to sell, buy, let or rent? Contact your local Winkworth office, visit www.winkworth.co.uk/branches

- See more at: http://www.winkworth.co.uk/articles/top-10-ways-to-maximise-buy-to-let-opportunities

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