1. Great Guidance
This seems like something you can do yourself, right? Pick a nice little flat in a “good” area and rent it out to the perfect, neat and tidy, reliable tenant. It’s not that complicated! But, in the same way that you probably shouldn’t attempt “at home” dentistry with a large torch, pair of needle nose pliers and a mirror, after a swift YouTube tutorial, I would advise caution. Find someone you like and trust with a proven track record to help you find the perfect property to invest your money in. It could be the difference between starting 2021 with a perfect smile or a snaggle-toothed grimace.
2. Rental Yield
You are buying as an investment, right? Long term, you know your property will work for you, but in the short term, you need to know that you have picked a winner. You need a place which is appealing to visitors – businessmen staying in the area who would rather not be in a hotel; families who are camping out whilst their homes are renovated; holidaymakers… we think we have cracked this with our portfolio of properties which are on average full, rented out as serviced apartments, 85% of the time.
3. Extra space
Most people will want at least the image of a home office at the moment – it could very well be that this rapidly becomes the spare bedroom or a dumping ground, but right now, the ability to shut a door behind you as your boss demands yet another Zoom meeting is very appealing. If you’re crafty you may be able to convert a landing or corner of a hallway into an impromptu office. Having this option is very appealing in these days of Corona, as is a balcony or access to nice parks.
We may not all be using our cars quite as often as we used – but having a parking space is vital. Bike storage also gets you bonus points. If you are considering a short term serviced let, then parking is a vital part of the deal.
5. Proximity to the station
More people are working from home and only planning on commuting into the office a few times a week – so being close to public transport is vital, especially if you are looking at a property outside London. As a consequence the average distance people are prepared to commute has increased substantially – so as they look farther outside the Big Smoke, you can lure them in with your clever purchase.
6. Neutral decoration
A Buy to Let purchase is not for you to live in – don’t make the mistake of looking for something that makes your heart sing. Neutral works for most people, especially in a serviced apartment. Go bland or go home… (Maybe: Go bland and go home – to your marvellous eclectic collection of art and colourful feature walls)
7. Whizzy wifi
This is worth investigating. Not everywhere can offer the sort of broadband speeds you will need to attract today’s renters and their offspring. It’s in everyone’s top three: comfy bed, super shower and whizzy wifi. Worth its weight in Bitcoin.
A windmill on a riverbank may be adorable and have great appeal in the pictures… but seriously – think long and hard about who’s going to be painting the sails, unblocking the curvy sewer pipes or fixing the bannisters. You want to invest in something sleek and modern and easy to maintain – hopefully with new appliances which won’t breakdown.
9. Obligations/legal limitations
Find out if you are “allowed” to rent your new place out as a serviced accommodation – are there limits or covenants which prohibit some tenants? Are you responsible for a share of the whole building – did you ask when the windows or the roof were last replaced? You need to be aware that there are some pitfalls you can easily avoid if you have advice from the right people asking the right questions.
10. The right price/mortgage deal
You need someone on your side who can make a good deal for you unless you have a good poker face. It’s worth asking if the fittings and furnishings are available – we have a great track record of making a single “make it or break it” offer and walking away. Trust me: You need balls of steel. It’s also great to have a good mortgage person your side who can best advise you as to how to set your new investment up. Also: hurry! For Buy to Let properties, there will be a discount, where only 3% Stamp Duty is payable up to the first £500,000 but only until the end of March this year.
See How We Can Help
If you'd like to learn more, check us out on the interweb by clicking the button belowLearn More