Top 10 Tips On Buy To Let Mortgages And Property Hunting

by Vaughan Waring - Date: 2010-09-11 - Word Count: 471 Share This!

If you are looking for an opportunity to invest your savings or any money you have come into, there are may options out there and it is a hard decision sometimes to pick the right one. However, putting your money into the property market and buy to let mortgages is a very attractive and popular option that many people have gone into with a lot of success. The benefits of the best buy to let mortgages are that it offers you a risk free investment, and a long term financial growth in your property you choose to buy, as house are always slowly increasing in value over the years. The following are 10 tips that should guide you safely through the buy to let mortgages and property path.

1. Before you start to search for a suitable property, the first thing you should put importance on is picking an area to look in. The area is the most important aspect as it alone can cause you house or flat to increase or decrease in value. If the area has a high break in rate, this will make your property less attractive. Research the area first.

2. Find out the amount of money you can rake in every month from the rental income from the property. Do not believe what an estate agent or the property seller tells you, they may be lying in order to complete the deal.

3. Find out what the average price of the property is that is similar to yours so you do not pay an inflated price. Look at house listings to find out prices in newspapers or on the internet.

4. Avoid undiscovered areas at all costs, as they are often undiscovered by people because of a very negative aspect to the area.

5. Make sure you do not tie yourself down to one particular area in your search, look in other areas that are of similar quality.

6. Look at the houses and flats for sale in every single estate agency in the areas you are looking, so you do not miss out on any properties.

7. You often need to be patient when in search of an investment. Wait until the right house or flat comes along, you may be waiting months or over a year sometimes.

8. Once you find a property you like, but it needs a lot of refurbishment, consider if you have the funds and the effort required to get the place up to a standard acceptable for tenants to be interested in.

9. Have a full inspection carried out by a professional to determine if the property is of a sound structural condition.

10. Once you find a house or flat you want to buy, always go in with a bid lower than the asking price, as they may take it if they are looking to sell quickly.

Related Tags: property, mortgages, buy to let mortgages

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