Tips for First-time Buy-to-Let Investors
Investing in a buy-to-let property is a popular choice; however, it can be daunting if this is your first time. That’s why we’ve whipped up five tips for those who are considering purchasing a property and intend to rent it out to tenants.
Before making any investment, whether that’s time or money, it’s important to do some research. Congratulations, you’re on the right track by reading this article!
A quick Google of your burning questions should bring up a variety of resources. Meanwhile, get in touch with us for helpful and practical advice. This way you will be fully aware of the advantages and disadvantages that you could face by investing in property, both immediately and in the long term.
Choose the right area
If you already live in the city that you’re planning to invest in, you may have good knowledge of which areas are the most promising. If not, it’s wise to visit the neighbourhoods if possible. This doesn’t have to mean opting for the most expensive street, just an area that a lot of people want to live in. Think about local transportation and nearby attractions, such as the city centre, a university or commercial district.
Here at Hull Investment Properties, many of our buy-to-let properties are located in the popular Avenues area. This is because both Newland Avenue and Princes Avenue are in close proximity to The University of Hull, have excellent public transport links to the city centre, and are lined with lively bars, restaurants and boutiques.
Look towards the future
It is also crucial that you consider the future of the place you’re investing in. Hull has a great few years ahead, especially with the UK City of Culture 2017 celebrations and their planned legacy.
The city has received a lot of funding and investment to improve its streets, buildings and facilities. For example, the Fruit Market regeneration project is set to attract lots of new people and businesses to the city, whilst the Siemens wind farm is creating countless new jobs.
Think about your target tenant
Consider carefully who you wish to let your property to. Don’t choose a house that’s ideal for you and your family; instead, select one that will be great for your target tenant. For instance, If you’re looking to let to a group of young professionals or students, the Avenues in Hull would be your first point of call.
It’s vital to take your prospective tenants’ needs into account. If you’re renting to a family, they will probably want to live near local shops and a good school, with easy access to parks and green spaces.
Don’t get too bogged down when looking for a property to invest in. Of course, investment is a serious business, but that doesn’t mean you can’t enjoy yourself at the same time.
Have fun when you’re doing your research and looking around the prospective houses. After all, this is an exciting time.
Get in touch
We’re Chris and Tony Hodgson, a father and son team that’s worked together for years. Our professional and friendly approach to doing business has helped us to grow our portfolio and deliver customer satisfaction across the city. Get in touch on 01482 342155 or email firstname.lastname@example.org to invest in Hull property today.