You may have decided to get into property investment or want to be a landlord. Perhaps you have come into some money and decided that purchasing a rental property is a good option for you. If so, this is a must-read blog post for you. We share our steps to finding the right rental property for you. If you need help finding your rental property to invest in or want help with property management of your rental property – just drop us a line.
- Location
Never forget the importance of the right location. If you’re looking at a flat that is ideal for students, make sure it is near a university, for example. Found the perfect family home? Is it near schools and other local amenities? Think about who the rental property is perfect for and then think about what else they will need in the local area.
- Mortgage In Principle
Before you start looking at potential rental properties to purchase, make sure you have your mortgage in principle. This will help you see what your budget is so you know what properties to look at. It means you’ll save your time by only looking at properties that you can afford.
- Lists
Think about the essential things that you want from the rental property. Put these into a list of priorities with essentials at the top and things that are less necessary towards the bottom. This will help make your property search easier and help you search more efficiently too.
- Goals
What are your long-term goals for the rental property? As with any investment, you need to think about how much you are willing to invest and what returns you expect. Take the time to choose a property, mortgage and budget that aligns with your future plans and financial goals.
- Belt Tightening
Just like when you buy your first home to live in, or make any other large investment, you might need to tighten your belt for a little while. It will be worth it in the end, but it will feel a little tight in the first year or two of your property investment.
- Get Searching
Search the internet for the sort of properties you are looking for. Speak to local estate agents and speak to our team too. We can always help you find the type of rental property you are looking for. If you have a chosen location in mind, go for a drive and see what’s around.
- Be Open Minded
The home might look dated or damaged when you first see it but think outside the box. Would a lick of paint take long and is that all that’s needed to improve the property? The home may look dirty or the garden overgrown, but that can all be changed quickly. Look at the things that can be changed quickly and inexpensively.
Want to know more about finding the right rental property investment for you? Call us now. We will be happy to talk to you about the current market and rental properties that will do well.
