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Worcester Buy to Let

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Are you thinking of buying a property to let?

 

There are a few questions that you need to ask yourself –

 

Why buy to let?  What is buy to let?  What are the Do’s and Don’ts?  How do you go about it?

 

Why buy to let? Over two million household now rent through the private sector in the United Kingdom and it is therefore fair to assume that it could be a sound investment opportunity for the prospective landlord.

 

What is a buy to let? The buy to let scheme offers the investor the opportunity to invest and purchase a property using raised capital or capital and mortgage without being penalised for mortgage surcharges or paying commercial rates of interest.

 

Do’s and Don’ts

 

Do -  

·         Think of buying as a medium to long term investment.

·         Seek the expert advice from your local Estate Agent on local demand coupled with the current marketing trends.

·         Calculate your sums correctly, will the outlay of costs be covered by the revenue?

·         Always budget to decorate, refurbish and maintain to a reasonable standard to attract the right tenant.

·         Ensure the property you purchase meets the local demands.

 

 

Don’t –

·         Purchase a property that needs constant maintenance, it will cause you continual worry and add only to the costs.

·         Allow friends or family to take over the running of the property in your absence.

·         Try to save time and money by using copy tenancy agreements or try to compile one yourself but always seek the   professional advice of either a solicitor or your local estate agent.

·         Forget you will need an estate agent to issue the correct notices and issue a complete inventory and condition of property. Leave the paperwork to the professionals.

·         Furnish with second hand furniture, they may contravene the British Standard Fire, Safety and Furnishings Regulations and remember less is more.

 

How?

 

Get some advice from your local Estate Agent as they can offer the correct advice, search for the right property and area, offer the right package to suit your budget and needs and guide you along the right road to secure a sound financial future.

           

Please note the above is a brief outline, but your Estate Agent will be happy to discuss in further detail the services on offer along with marketing advice, Terms and Conditions, Inventories/what to leave, Deposit Schemes, Schedule of Condition, Utilities and Safety Checks etc.

 

 

 

 


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