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Checklist provided by |
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Be clear about your buy to let investment objectives, eg capital growth or income? | |
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Calculate how much you have to invest to cover a deposit and costs to let. | |
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Research areas to find out which have the best capital growth/income potential. | |
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Compare areas via key trends such as employment, average wage, age trends as well as new investment in the area such as better transport links. | |
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Check the property is in an area where the tenant population is increasing, not declining. | |
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Use local agents who are members of the Property Ombudsman and ideally NALS and ARLA. | |
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Ask local agents to help you work out which roads and property type will give you the best return on capital growth or income. | |
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Consider the pros and cons of buying a flat versus a house eg service charges. | |
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Compare council tax from one area to another (reduces costs during voids). | |
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If considering new build deals with rent guarantees, check what happens if the rent guarantee goes bust. | |
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What costs will you incur to renovate the property so it is let legally? | |
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Include likely maintenance costs over a 20 year period (eg will the property need a new roof? Boiler?) | |
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See which properties you can secure the best deal on, for example is a seller desperate so you can offer 10% below the true value? | |
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Check insurance costs. | |
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Know and understand the tax implications of renting or selling the property in the future. | |
