How to find the right house (long distance buy-to-let)?

max11

Hello Everybody,
I live in Devon and have some cash, which I would like to invest in a house.
It would be a buy-to-let first, but I may move in to the house afterward if and when find a job in that city.

I would like to buy in a big city (for example Bristol, Manchester, London, etc) where house value will be kept and will be easy to be rented.

As obviously I don't live in those cities (and I am aware I will have to visit the houses before buying), my question is: how can I do with the first steps, are there any agencies that I can use and trust (!) so that they can select the houses and then arrange the viewing?

Many thanks in advance
Max

LydiaJ

Hi Max

Before you get into the BTL business, remember that it's a business, so like any other business you need to find out all about it before committing yourself to it. Read up on lots of the posts here - you'll find plenty of threads where newbie landlords have got into difficulties of one kind an another, and the experienced LLs who frequent this forum have posted loads of helpful advice. There's a huge wealth of experience and wisdom here, so make use of it. Think hard about whether this is really a business that you want to get into at this time. (Oh, and it's "buy to let" - letting is what landlords do when they allow people to live in their properties for a fee; renting is what tenants do when they pay to have a home.)

Then you'll need to do a detailed budget. How much cash have you got to invest? Will you be buying your property outright, or with a mortgage? How much rental income will you need to make your investment worthwhile (and cover the mortgage if you get one)? Is there enough slack in your calculations to cover voids (when you haven't got a tenant for a while), letting agents' fees (if you don't plan to manage the property yourself), repairs, bad debts to tenants who don't pay, etc?

If you still want to go ahead, you'll need to talk to some lenders about BTL mortgages, unless you've got enough cash to buy outright. Once you know how much you want to spend, use Rightmove to investigate both the rental and purchase markets in your chosen cities. Are there properties for sale at the sort of price in your budget that will bring in the kind of rent you need to make things add up? If so, you can arrange viewings yourself in the usual way, just as you would if you were trying to buy a house to occupy it.

Choosing houses to view is really one of the easier parts of the process to manage for yourself. You're more likely to need help with all the other aspects of becoming a landlord.

max11

Hi Lydia, thanks for the food for thoughts you gave!