So, you are starting out on building your buy-to-let empire. You have a property ready for tenants to rent, but should you manage the property yourself or leave it in the trusted hands of a professional?
Some lucky people (like the Queen) own property outright—and lots of it! But many buy-to-let investors start with little more than a mortgage on their first BTL property. So if you want to explore the best way to start a portfolio and get a mortgage, read on!
If you are looking to build a buy-to-let portfolio, then off-plan purchasing is one way to do just that while potentially maximising your investment. If you haven’t heard about off-plan purchasing before, take a few minutes to read this guide. We give you the lowdown on what off-plan purchasing is, as well as the possible pitfalls and benefits. So let’s dig in.
Investing in a buy-to-let property is considered a highly stable way of utilising your savings. It can generate immediate income, passive income, long-term equity, and even a retirement fund.
With an ageing population, the need to provide all kinds of facilities is paramount in today’s world. And the most important thing we need as consumers is a home.
You might have read some blogs, and you are itching to go as a landlord. As you’ll know by now, you need to be careful with your investment, know the law, have a network of tradesmen, find and build a rapport with trustworthy tenants and document your financial activities correctly. It’s no easy task.
Your rental property is a long-term investment, so you must take care of it well. It’s a big mistake to leave this job to tenants, as it is not their job. Yes, it’s their job to keep the property clean. And you might have stipulated in the contract that they keep the garden maintained. But aside from that, it’s not their job, and you’ll be lucky to find a tenant that is either a capable or willing handyman.
Students are not exactly the pinnacle of society. Given at least three years off work after being released from mum and dad’s protective care, they are synonymous with heavy yet-to-be-controlled drinking and still need mum to clean their bedroom and pants.
Renting a home is a business like no other. It requires a massive investment, and who you sell to (i.e. your tenants) can make or break your business. You are essentially entrusting a significant part of your finances to another person, so a problem tenant can destroy your nest egg. Renting to a problem tenant can also cause you stress and even seriously affect your mental and physical health. You need to do everything you can to avoid this. But how, exactly?
It’s easy enough to assume that rent minus mortgage fees equals profit for you as a landlord. But there are far more expenses involved in renting property, and if you were to go on this simple equation, you’d soon find yourself out of business. In this short guide, we take a look at the expenses you will encounter being a landlord and how you can keep track.