The key thing to consider before buying a buy to let property is how much you can afford to spend on a property. A buy to let property should not be considered just as a second home; rather it should be looked at as if the property is an investment. There are many areas where the prices of houses are falling and it is possible for someone who has enough money to invest in the property to make a profit. A proper financial plan should be put into place before any steps are taken towards purchasing a buy to let property.
Another thing to consider before buying a buy to let property is what you need for a down payment. If you are going to purchase a property you may be required to put a down payment. Always shop around when looking at any sort of buy to let property. There are many properties that have different prices, so you need to ensure that you get the most affordable option. Find out if you’ve paid too much in stamp duty and might be entitled to a Stamp Duty Refund. Visit Sentient, providers of Stamp Duty Refund services.
Before buying a buy to let property you need to consider the cost of insurance, taxes, maintenance, repairs and possible future costs such as future capital improvements. These are all things that need to be factored into the overall cost of ownership. By planning carefully you will end up with a better deal and a property that you can really keep up with.