Whether you have come into an inheritance, released equity by re-mortgaging your home, or are starting out as a career Buy-to-Let Landlord, buying the right property for your investment needs is paramount.
That’s where the team at McCartan Lettings can help. Not only are we award-winning letting agents, we are also landlords ourselves. We know the Swansea buy-to-let market inside out, and we are here to help investing landlords decide on the right locations in Swansea to buy- to -let for their key target market.
We can also project manage your refurbishment and ensure your property is on the market for let in minimal time, looking the right way to attract your target tenants, and that the work completed in on budget.
So what are the key things to consider before booking your first property viewing? There are seven questions you need to ask yourself:
1. Why are you doing this?
What do you want to be the outcome of buying a property in Swansea? Is it for long term investment, or do you need it to be generating an income straight away?
How much cash do you have available, and how are you going to finance the investment? Is one cash purchase better than three financed units? Make sure you get professional advice from an independent mortgage advisor and qualified accountant to plan for future tax.
3. Who is your ideal tenant?
What type of tenant would you be looking for, and why? Students, professionals and housing benefit tenants are the three most commonly defined types, but each have very different requirements of a rental property that you need to take into consideration.
Knowing your numbers and who you want to rent to will dictate what locations you should be looking at. Match where you can afford to invest with what locations suit your ideal tenant’s needs. Do they want to be close to Morriston or Singleton Hospital, Swansea or Trinity Saint David Universities, the M4, or Swansea City Centre? What would be close by – shops, schools, nightlife?
5. What types of property?
Different types of property will attract different tenants, and may also affect how much maintenance you might be required to do to get the property ready for let, and then to maintain it. Are you looking for a flat or a house, leasehold or freehold, new build or one in need of refurbishment?
6. How will you find property Below Market Value?
Auctions, probate properties, distressed sellers and repossessions are all ways to get a property under its current value, but a cheeky offer can also work well too!
7. What resources do you have to renovate?
Could you undertake structural works, internal renovations such as kitchens and bathrooms, or can you only commit to just a light cosmetic refresh? Only look at properties you know you can financially and resourcefully take on comfortably.
Want to know what areas to start looking in for your requirements? Why not book a free 30 minute consultation with me, Hannah McCartan, Managing Director of McCartan Lettings? Give us a call in the office on 01792 430100, or email me to arrange.