Even if you are an established investor it is really worth learning from experienced property investors, that is one of the key reasons that Belvoir! Sheffield are so successful in working with our landlords, as we are made up of a team of established and experienced property investors ourselves.
Richard Evans of The Telegraph recently spoke to property investor Graham White who has built up a buy-to-let portfolio worth more than £1m about his secrets to success.
1 Buy the type of property that is most “lettable”.
Two-bedroom houses and flats are ever popular and appeal to the widest range of potential tenants, especially those who are finding it tough to get on to the property ladder. Avoid large family homes, which appeal to fewer potential tenants.
2 Don’t restrict yourself to your own immediate area
Don’t restrict yourself to your own immediate area but research others nearby, where the rental yields may be markedly better.
Property and property types in different areas of Sheffield and the surrounding area vary. A certain type of property may cost more to buy, i.e., a large house in a Sheffield Student area suitable for multiple student room lettings, but if conveyed correctly may deliver a great return – maybe an even greater return than buying two properties for the same price as this one in another area of Sheffield where the properties are cheaper but rent rates vary further still.
As with many cities, the property market in Sheffield for investors is complicated and needs a complete understanding, in relation to your requirements, circumstances and expectations. As property experts for the Sheffield region, Belvoir! Sheffield can advise you on the varying different rental yields on different property types in the different areas and regions of Sheffield.
3 Make sure the area has a healthy market for tenants.
In the example above, there are plenty of tenants to go around in both areas. But be shrewd about the exact location of the property within your chosen town or city. Convenience is a useful factor. Being within walking distance of shops, railway stations, the town centre and so on will ensure that your property is high on the list of desirable places to live for tenants.
If you are new to the Sheffield property market, we can help and advise you as Sheffield property experts.
There is a high demand across Sheffield for a wide range of different property types.
4 When making an offer on a property, be patient.
As an investment buyer, you are not in a chain and can move at speed. This has value to the seller, so be prepared to walk away if you are not getting the deal you are after. A similar opportunity and more willing vendor will never be far away.
When investing in Sheffield Property with Belvoir! Sheffield we can help you not only search for suitable property in Sheffield but also help throughout the entire process of submitting offers, securing the property and managing the process up to completion and beyond.
5 Using a mortgage makes your money work harder.
Whether to go interest-only or repayment is a personal decision, but a rental income high enough to cover a repayment mortgage is a good indicator that you are getting things right. Take out a fixed rate if you are uncomfortable about the chance of interest rates rising, although you will pay a premium. Use more than one mortgage broker and don’t let them charge for research.
Belvoir! Sheffield is the one stop specialist for Sales and Residential Lettings and Property Management, Investment and Wealth Management Advice, Fit-outs and Renovations, Property Insurances and Mortgages. Belvoir! Sheffield was the winner of the Belvoir Franchise of the Year Award for 2013 and is a multi award winning agency.
For more information, please visit https://www.belvoir.co.uk/sheffield-estate-agents/ or call 0114 331 0033. Alternatively, please email rick@belvoirsheffield.com
For the most uptodate information relevant to landlords, vendors, and buyers of owner occupied and But to let property in Sheffield ensure you follow Belvoir! Sheffield on either Facebook Twitter or visit our website at https://www.belvoir.co.uk/service-levels/ or for selling https://www.belvoir.co.uk/sheffield-estate-agents/properties/for-sale/
