My Buy-to-Let Deal of the Month is back in Dunvant - and once again, by the time we get to publish our newsletter, it's been sold subject to contract.

 

Click here to view the brochure. It just goes to show that when good properties with good prices come onto the market, they don’t hang about!

 

This 3 bedroom terrace is in need of modernisation (which is reflected in the asking price). What makes it interesting is not only that it would give a nice 6% yield (based on a purchase price of £130,000 and a rental income of £650pcm once modernised), but that there is lots of scope for adding capital value to the property as well.

 

Located close to Dunvant Primary School and Olchfa Comprehensive, it would be ideal for working family tenants who are generally more likely to stay long term. 

The trick is always to see these properties first, so here are my top tips on getting there first:

1. Know the stock. Immerse yourself in the local property market; once you are familiar with the local streets and areas you are interested in, you’ll soon see when the bargains come up.

 

Extra tip: Don’t let an estate agent tell you where the best place to invest in buy-to-let is - their job first and foremost is to sell you a property!

2. Register with all the sales agents and pop in regularly. If the agent can put a face to the name, you should be at the forefront of their minds and hopefully they’ll call you first when a good deal comes on the market. After all, as I said above, their job is to sell you a property!

3. Be specific. Make clear with your requirements, budget and locations – not only with yourself, but with the estate agent as well. A net spread too wide will not yield great results. Speak to your local dedicated letting agent; as letting agents, it's our job to know what is and isn't a good property choice for let in Swansea.

 

At McCartan, we use our expert local knowledge and understanding of the market to help you narrow down what it is you need to be looking for to suit your needs.

4. Get organised. When the perfect property comes up, you need to be in a strong position to act quickly. Get your finances in order - speak to independent mortgage advisor ahead of the search and get a decision in principle (DIP) in place, or ensure you know your budget ahead of time if planning to make a cash purchase. It's also wise to get a solicitor lined up to do your conveyancing as you’ll want to instruct as soon as you have an offer accepted! 

 

Extra tip: Don’t forget about the 3% stamp duty surcharge on second properties! 

5. Be flexible with viewings. Once a property comes to the market, you’ll need to get to view it as soon as possible in order to make an informed decision about whether to spend any more time and money on it. This is the biggest obstacle most landlord-investors have. If looking for property full time isn’t going to work for you, carve out time in your diary every fortnight to concentrate solely on the search and get viewings booked. Try to organise your time so you know when you can be in a position to view quickly if you do see something interesting come to the market.