Making a decision to invest in a buy-to-let property can be a very difficult. If you are looking to purchase an investment property, you are faced with a number of different considerations, such as type, location and of course, price.
Add to this working out the potential returns that your investment could bring, alongside any issues that could need fixing and you already have a substantial list.
Of course, you will want to gauge as much information as you can before taking out any landlord insurance policies on a property!
This is why viewing a property and conducting a thorough inspection is vitally important. A full tour of a potential investment home gives you the chance to ask as many questions as you can to ascertain if the property is right for you.
Here are some useful tips to make sure you come to the correct decision and purchase the property that will generate substantial yields!
Preparation is key-Before arranging to view a property, you should be sure to conduct full research on areas that will affect your long-term investment potential. These include the infrastructure of the accommodation, previous safety implications and if the property needs any major work. What’s more, you will want to check the amenities of the local area, to see if the property lies near a good school, bars or restaurants for example. It will be good to find out who will potentially showing you around the property, such as a letting agent or homeowner. You could also enlist someone you trust, either a family member or friend, to come with you for your viewing. This will allow you a valued second opinion.
Get your questions answered-During your viewing, you must remember that you are there for research purposes. It is important to ask to see forms that prove due diligence, such as gas safety and energy efficiency certificates. This is your opportunity to have a first-hand look at the property close-hand, so take plenty of photographs and ask questions, particularly of anything that concerns you. You can also ask your guide about the local amenities, which will give you a better picture of your potential tenants, should you eventually purchase.
Read for returns-After you have seen a would-be investment home, you will no doubt have a lot to think about. Remember that this is a serious investment and is not a decision to be taken lightly. Make sure you read on your notes, review all pictures and discuss with close friends or property professionals. You should also be sure that you can take on the workload required with your role. Once you have completed these tasks, you will be in a perfect position to make an informed decision.