Whether you are an experienced landlord or are jumping into the world of private lettings for the first time, purchasing a property to rent is an exciting prospect, but also a major undertaking. When embarking on this journey, ensure that you have a robust strategy in place in order to meet any challenges that come your way. Remaining flexible and adaptable can save you significant time, money, and stress during this process.
Be flexible in your property search
It can be common for prospective buyers to “fall in love” with a particular home or type of property. However, if you remain impartial and open to a broad range of options you stand a much greater chance of finding the right property for your needs. Consider multiple different areas. Up and coming neighbourhoods may not yield as much rent now but deliver a much better return on investment in a few years. Similarly, assess whether the type of property will be appealing to tenants and enable you to charge the rent you are looking for. While it is possible to renovate a property after purchase this is time that you are not only not making money from rent, but also spending it on remedial works. Consider taking extra time during this initial hunt to find the ideal property for your needs rather than dealing with the stress of a ‘fixer-upper’.
Speak with a mortgage advisor
There are a surprising number of ways to approach lending to purchase a property. Make sure that you schedule an appointment with a mortgage advisor to properly explore all of your options before proceeding. You might uncover the perfect strategy you need to secure a mortgage with more favourable rates.
Stay informed
Keep up to date on all of the latest goings-on in the property market and make sure you’re getting the best return for your budget. Regularly browsing newsletters and attending webinars can be the perfect way to stay abreast of trends, developments, and shifts in property values across the south-east. You can even get an edge with smartphone apps that enable you to quickly compare prices and explore properties through virtual tours. This will enable you to keep the search moving on your terms and fit it into your busy schedule.
Learn the law
Knowing the basics of UK property law and the regulations that will affect your search can make all the difference. Make sure that you are appraised of the relevant legislation and know how to navigate this process. If you feel it necessary, consider hiring a solicitor sooner in the process rather than later. They will help you manage documentation and take on the conveyancing which can free up a considerable amount of time and relieve a lot of potential stress.
Prepare for unforeseen expenses
Creating a plan or timeline for your purchase is vital but remember that the journey to property ownership can incur costs that you might not have expected. Ensuring that you have set aside room in your budget to navigate these parts of the process can help everything proceed smoothly.
Plan carefully, stay informed, and remain flexible and you can streamline your next property search. Once you have secured your new property, consider professional assistance in navigating the lettings process. By working with a team of dedicated property managers you can achieve passive income without the hassle. The Pure Lettings team work closely together to deliver a highly personalised level of service to landlords across South-East London and Kent. To make an enquiry just call 01698 400100 or send an email to info@pure-lettings.co.uk.
