The age old saying ‘buy cheap, buy twice’ could just as well apply to the rental market, to tenants but especially to landlords. So why is cheaper not better, after all it will save you money – won’t it?
For many landlords, the over-riding concern is often ‘ How can I save myself a few pounds on monthly management fees’, when it should be ‘How do I best protect my extremely expensive asset, one which I may have borrowed money against in order to purchase it’ or ‘Which is the best type of investment property to buy that is currently in high demand on the rental market, which areas are more popular, and what is the most tax efficient way to fund the purchase’ – the answer to the last few questions will save you so much more than you will ever save yourself by taking your property to a cut-price letting agent.
The truth is, if you buy completely the wrong type of property, or buy in an unpopular area (or one that is becoming less desirable), or the property has problems that you are not prepared to address, then how are you ever going to let it out and make a profit? How are you going to find decent tenants if what you present to the market is not what the market wants? Worse still, knowing you are fighting a losing battle, how do you then sell it on to realise its value? By now, you are probably coming to a dead end and wishing you never started this journey in the first place. But help is at hand….
As a new investor, or even as a landlord looking to expand your portfolio into Nottingham, what can you do to help you find the right path to profit? Speak to us here at Belvoir, and we will work with you to understand what your goals are, and then help to guide you towards successfully accomplishing them. We can tell you what the market wants at the current time, and help you with the maths to make sure that it all works out financially (remember, you are not buying a home for yourself that will win a beauty contest, you are making a purely unemotional business related purchase and it needs to pay its way – it is literally as simple as that). For a further chat about how we can help you with your investment purchase, call now on 0115 9724027 or visit our office for a more detailed discussion.
