A lot of people on the housing market may look at the buy-to-let option and may think that is a sure investment that will make you money. But there are certain factors that need to be looked out for before deciding to go ahead with buying-to-let a property. This the final of the 3 part articles will run you through some useful tips and things to consider before buying a property to rent it out. This final part will show you tips 8 through to 10.
Tip Number 8 – Haggle over the price
The first thing to consider in this final part is to make sure that you haggle over the price and do not pay over the odds. You have an advantage over normal property buyers due to the fact that you are not relying on a sale to go through on the property chain to be able to make the purchase.
This means that you will have a greater chance of being able to negotiate a discounted price of the property as there is no risk of a sale falling through which could harm the negotiating process and this could be a useful asset to you when the negotiating process starts. When you are making your first offer, make sure it is significantly below the asking price and attempt to agree a price below it and make sure you are talked into overpaying for the property.
Tip Number 9 – Make sure you know the possible risks
The next thing to consider is to make sure you know every possible thing that could go wrong before you even think about making the assessment. You can go in and ask for advice from a specialist buy-to-let contractor or you could ask people you know who may have had prior experiences in buy-to-let properties.
Currently, house prices are on the decline and if this continues to do so, you need to make absolutely sure you will be able to carry on your investment. Also, there is always the possibility that the house you have purchased could become empty, even in the most popular areas of the country. If this was to happen, you need to know exactly how long you would be able to afford the property being empty before the investment wouldn’t be possible to continue anymore.
Tip Number 10 – Decide how involved you want to be
The final thing in this 3 part article to consider is deciding how involved you want to be in the buy-to-let process. Buying the property is the first step but you then must decide if you are going to be looking for a tenant yourself of if you are going to employ an agent to find the tenant to let the property for you.
If you would employ an agent to find the tenants to let your property then a management fee will need to be paid. But the agent would deal with any problems with the property that may arise and also bring a broad network of people such as electricians and plumbers for any work that may need to be done during the time of you owning the property.
You would be able to find the tenants to let your property yourself but you need to be aware of the time and effort that this would take and ensure that you would have the time and resources to be able to do this. You will need to be available for viewings, available to the tenants if any repairs are required and set up your own advertising letting people know that your property is available for let.
Video Discussion of Buying Properties to Let
That concludes this three part article. If you would like some more information on any other aspect on property buying and selling, then you can contact Private Property Buyer here http://www.privatepropertybuyer.net/
