If you’re in the buy-to-let business, whether as an old hand or a total newbie, you need to know how to spot a good investment opportunity so that you get the best returns possible.
This is pretty much the first thing you have to look at. How much can you afford and what are the properties within your budget like? Look closely at the market in the area and make sure the places you like the look of are priced fairly and have room for growth in the future.
Can you negotiate?
You should always try to strike a deal. Always. Most vendors are able to come down a little if you’re a cash buyer and can move things along quickly, so make this clear at the outset. Find out a little more about the vendors; if they’re in no hurry to move then you may be barking up the wrong tree, but if they are keen to go, then it’s time to talk turkey.
Location is key
As well as price, the location is vital to the success of your project. Look in the best postcodes you can; there’s no point buying a great property in a really dodgy area, or a really run-down place in the best part of town. Strike a balance, look at amenities and transport links, as well as schools and leisure venues.
You also need to look at what’s happening down the line. If there’s a big local housing, shopping or transport link development in the pipeline, then you may have struck gold.
Talk to a trusted adviser
You should always get advice and tips from people who are already in the know. This could be friends who are already involved in buy-to-let investment, or an estate or letting agent. Many estate agencies have BTL experts who can point you in the right direction and also tip you off about properties before they go live. It pays to ask around.
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