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Research on buy to let in my area.
kh888
Posts: 18 Forumite
Hi everyone
I am a first time buyer looking into purchase a buy to let property in my local town.
Before I commit myself to buying, I am wanting to do some research in what sort of rental property is in high demand in the area.
Where should I be looking or who should I be asking to at least give me a rough idea of what sort of properties I should be looking for?
Would it be cheeky of me to ask local letting agents about what sort of properties tenants are looking for at the moment?
I am a first time buyer looking into purchase a buy to let property in my local town.
Before I commit myself to buying, I am wanting to do some research in what sort of rental property is in high demand in the area.
Where should I be looking or who should I be asking to at least give me a rough idea of what sort of properties I should be looking for?
Would it be cheeky of me to ask local letting agents about what sort of properties tenants are looking for at the moment?
0
Comments
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Hi everyone
I am a first time buyer looking into purchase a buy to let property in my local town.
Before I commit myself to buying, I am wanting to do some research in what sort of rental property is in high demand in the area.
Where should I be looking or who should I be asking to at least give me a rough idea of what sort of properties I should be looking for?
Would it be cheeky of me to ask local letting agents about what sort of properties tenants are looking for at the moment?
I don't see why it would be cheeky. They make their money from landlords, more prospective landlords, more potential money for them...0 -
Talk to agents.
Look at ads in the local paper/Rightmove.
Consider type of tenant - university town? etc
Do budget - capital expnse Vs realistic rental incom0 -
If it's your local town you should have a good idea already about what kind of people who are living there. Is it family-friendly or a single or sharers rental-market?
In the first instance you could do some research on sites like RightMove which should tell you what local market-rents are. You should know what the average purchase-price is.
Of course, the first question in my mind is why would a person who does not own a property already be looking to purchase a BTL rather than a home of their own? BTL is not a risk-free way to invest your money. Also, the received wisdom is not to invest all of your savings in one type of investment vehicle. BTL is very long-term.
A safer way could be to buy a home to live in yourself but buy one big enough to take in a lodger. Less risky and less tax to pay.0 -
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