Buying to let
If you’re looking to use a property to boost your income over a period of time, you may be thinking about buying a second home to rent out. If you have a rental property, this will provide you with a cash boost on a monthly basis. Your rent may cover the mortgage, meaning that you won’t be eating into the value of the property. You could also use the rent payments you receive to invest in other properties or to pay off a mortgage on your home.
If you do plan to buy to let, you’ll need to ensure that you have the required agreements and legalities in place before you find a tenant. If you’re not around much or you don’t have time to deal with tenants, it’s worth looking into managed services provided by letting agents. When you’re searching for a property to rent out, bear the target market in mind and try not to let your own taste dictate what you buy. Your priority should be to find a house or flat that will fly off the market when the ‘to let’ sign goes up. If you’re hoping to attract students, for example, proximity to transport links, local colleges and universities, shops, cafes and bars may be more important than stainless steel taps or a south-facing garden.
Are you looking for ways to make money from bricks and mortar? Whether you’re searching for a place to call home, you’re hoping to join other investors, or you’re buying to sell or let, there are opportunities to generate profits from property.
It’s not an easy way to boost your income, and you’ll need to make the right calls and research the market thoroughly, but the rewards can be substantial. Focus on finding properties in appealing locations, stick to a budget and try and add value whenever possible. If you can’t afford to buy at the moment, consider crowdfunding options or join forces with others. Negotiate on price, plan meticulously and always prioritise the target market. If you make the right decisions at the right time, a property can be incredibly lucrative.
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