Buy-to-Let Deal of the Month
My buy-to-let deal of the month for January is a 3 bedroom mid-terrace house in Sandfields. It's being sold at auction with a guide price of &90,000. Click here to view the brochure.
Sandfields is an area currently popular with students, but sandwiched as it is between the City Centre redevelopments and the growing (professional and family) interest in Uplands, it seems likely that the area will become more popular with professional tenants too.
And being just a stone's throw from Swansea Bay beach has got to be a draw - why would you live in a seaside town and not want to be near the sea?!
As discussed in my previous article on Sandfields, a well presented 2 or 3 bedroom house with a modern kitchen and bathroom could achieve &700pcm in the professional market.
Buying at Auction
Auctions were once the domain of seasoned property developers and large corporations, but as property prices have been on the increase, more "regular" buyers have started attending them, too.
Here are my 5 top tips for buying property at auction:
1. The guide price is just that - a guide. Often, prices are set lower than the actual property value to create interest. Once excitement of the chase sets in, it's easy for the price to climb.
2. Start researching as soon as the auction catalogues come out. Published only a month before the auction, you're only a narrow window in which to do your research. Try looking up houses by postcode to see what they might actually be worth.
3. Get your finances in order before the auction. If you win a bid, you will be expected to put down the deposit on the same day, so make sure you're got the cash ready and easily accessible, and that you've instructed a solicitor to look over any legal documentation.
4. Don't bid over your budget. As you're investing in buy-to-let, it's important to remember its a business venture. Set your limit, and don't let your love for a property keep you bidding when you know you're over that limit.
5. Get your game face on. Auctions can be high pressure situations and if you attend a few, you may find yourself in a bidding war with a familiar face. Confidence and a little bravado can go a long way!
If you're looking for investment property in Swansea and would like some advice on the best areas for your needs, or if you've just bought a property at auction and would like an agent to manage it, we'd love to speak with you. Give the team a call on 01792 430100, or click here to send us an email.
Image Source: Astleys