Buy to let in London
Buying a property in London as an investment has become more common over the last ten years and is now regarded as a good long term investment. It is important that buy to let in London is looked upon as a long term investment, say 10 – 20 years, and not as a get rich quick project. It may be that the value of buy to let flats in London shoots up soon after purchase but it could be that the opposite happens. It is investors who see it as a long term strategy that benefit the most as they allow for fluctuations both in the capital and rental value of their buy to let properties in London. Click here to see more information on buy to let – London.
Buy to let properties in London
Whether you buy a house or flat is not the most important factor in buy to let in London. It is important that the income from rent covers any annual outgoings including finance repayments, agent’s fees and building service/maintenance charge. Consideration must also be given to the initial purchase costs, cost to furnish and equip the property and selling costs and if capital gains tax will be applicable. We can help with all of these points.
A few points worth noting when purchasing a buy to let in London
The location of the property is critical. It is imperative you keep in mind the type of tenant you want renting your flat. One of the first things all tenants will want is easy access to central London. The property should ideally be located no more than 5-8 minutes walk from a tube station.
Condition. “The heart feels what the eye sees”. Present your buy to let London investment as a desirable home. Make it easy for any perspective tenant to feel like they would like to live there.
Treat with caution what the selling agent is suggesting as a rental value. It may be correct but it may also be wildly over optimistic. It’s the selling agent’s job to get the best possible price he can. Under the system of Caveat Emptor, it’s the buyers’ responsibility to find out all he can about the property he is considering buying. This would include detailed research from other agents on what the true rental level of the property is before you commit to buying it.
Buy properties where there is a suitable type of tenant. Consider buying a top quality apartment in areas known to attract blue chip international companies keen to appease their employees or buy properties suitable for students in areas close to or with good links to universities.
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