New year, new investment?
If one of your new year’s resolutions is to either become a first-time landlord or grow your property portfolio, don’t delay any longer – now is the time to act!
With stamp duty changes coming into effect from April, you should really begin thinking about your target market, aka your ideal tenant, and start the property search with them firmly in mind.
Proximity to the property will influence whether you personally manage the investment yourself or have a high street letting agent manage it for you. The former will save valuable funds, which in-turn makes money over the year. For taking a few hours initially and an hour a month (if required) of your time, it may be worth it to some, particularly if you have a lower rental yield.
Any property bought closer to you will make it easier and cheaper to get tenant-ready and manage any maintenance issues directly. Keeping it local and within your control will always mean more money can be saved and revert what are normally high agency costs into a positive rental yield.
If you decide to take on a buy-to-let investment and manage it personally, you have saved and made money already! Online Letting agents, like lettingaproperty.com are here to facilitate these savings and have supported thousands of buy-to-let landlords already facilitate their investment process.
In the current market of attractive low interest rates, the new year is a great time to become a first-time landlord or grow an existing portfolio – but like all things, if you haven’t done your homework, financial gains can quickly turn to losses.
So if you are looking to invest in 2016 – go for it but make sure you weigh up all the pros and cons first and remember to do the maths!