Choosing an Area for Buy to Let Investment
As far as buy-to let mortgages are concerned, now is as good a time as any to enter this exciting investment arena. But before you do, it is wise to spend a considerable amount of time looking at the best areas to choose. Here, the first4commercial team cast a discerning eye over exactly what you need to be aware of when doing so.
Don’t make the common mistake of buying a property to let just because you live in that area; there could be better investment opportunities available elsewhere. You need to be looking for a variety of promising, appealing qualities when considering this:
Schools – This is always a good selling point even if your potential renters don’t yet have a family of their own. They may see your property as a long term option, and areas with good schools tend to be easier to rent as a result.
Commuting – You may not want to buy a property with a heavy industrial estate nearby, but you should consider how easy it is to get to work. Look for areas with easy access to nearby cities and do a little research about the nearest business centres.
Affordability – Some areas will offer better bang for your buck, so maybe that slightly cheaper part of town will have a 3 bedroom property for the same price as a 2 bedroom terrace house elsewhere?
Remember that the bottom line is finding somewhere that will let quickly, and therefore maximise your ROI at the end of the day.