Starting Up As A Property Investor: Some Essential Advice

Buy-to-let properties are often an attractive investment if you have spare cash and are looking for a regular income with low rates and often a good return. The amount of people looking for rental properties have increased in recent years as a lot of people are unable to raise the high deposit needed to buy their first house and so instead renting is the second best option. If you are looking to get started investing in properties then take a look at the essential advice below.

Pick up a bargain

As an investor that is not reliant on selling another property to buy a new one you often have many advantages when buying a property which you could use to your advantage to haggle on price. Firstly you are not part of a chain which is always a bonus and creates less risk of the sale falling through, this security could mean being able to pick up a bargain. Furthermore you are also not bound for time so you can wait if the sellers need to hang on to the property for longer.

Invest in Landlord insurance

investing in Landlords Insurance is essential if you are renting out properties and normal house insurance cannot be used for rental properties. Landlords insurance will protect you against anything going wrong in your rented out property such as water leaks which could cause you tenants to move out. As well as this landlords insurance also covers you against bad tenants who are often a lot less caring of rental properties than they would be of their own.

Chose a reliable location

Location is key with rental properties and it would be foolish to buy a property without doing the relevent research into the local area first. The most important thing for your property will depend on the type of property you are renting. For example if you are renting a family house then research local schools and parks in the area. On the other hand if you are renting a small flat then look for stuff such as local transport and shops.

Get the best deal on your mortgage

Your mortgage is a fixed cost that you are going to be paying whether you have tenants or you do not and shopping around for the best deal on your mortgage is important when looking for a property. Instead of just walking into your local bank, do your research instead online and shop around for the best rates to see how much you could save.