How to purchase your very first rental property

Posted on December 31, 2020

The buy-to-let market is still extremely lucrative, but starting a property portfolio certainly isn’t simple. Those new to the market have to acknowledge the risks as well as the rewards to enter life as a landlord with their eyes wide open.

Here at Hackett Property, we assist all landlords, from those on the verge of purchasing their very first buy-to-let to individuals with wide ranging portfolios. In this blog post, our experts share their top tips for buying a rental property so you can start off on the right foot.

Ask yourself whether it’s right for you

It’s not easy being a landlord, which means before you start your search for your first rental property, some tough questions have to be asked.

Thankfully in today’s rental market and with the help of landlord services like ours, you can be involved as little or as much as you like to make your buy-to-let venture work for you.

Do lots and lots of research

There’s plenty of homework to do before you purchase a rental property. Research into current market conditions, your legal (and moral) roles and responsibilities as a landlord, your desired location, and target tenants should all be completed to ensure you purchase the right type of property in the right area at the right price.

When considering the right location, the best area to invest in isn’t always the most expensive. Don’t go for the cheapest area either, instead focus on finding a property with potential in a promising or up-and-coming area.

You should also get into the mindset of your target tenant to make a list of their wants and needs. Would-be landlords looking to attract families will want a property close to good schools for example, whilst student tenants will appreciate a short journey to university and local nightlife. If you want a property that appeals to professionals, invest in an area with great transport links.

Get your finances in order

There are many options when it comes to footing the bill for your first rental property. Contrary to popular belief, you don’t need a huge deposit or funds to cover all of the purchase, which means buy-to-let investment is an option for people from all walks of life.

Whatever route you choose to take, getting your finances in order first is certainly recommended.

Call on the professionals

You don’t have to take on the tricky business of buying and managing your first rental property alone. Our landlord services are here for you at every stage of your buy-to-let journey.

For further details on our landlord services please click here or contact us direct to discuss your requirements.