Purchasing a buy-to-let property in Chorley can be an excellent and rewarding investment. If you choose the correct property then a good long-term income from your investment is nearly guaranteed. However, as with all investments, there are always risks. To try to mitigate these, here are a few things that you should bear in mind when looking for your perfect buy-to-let property.
Know your target market
Who is your target market? If your target market is students or young professionals you need to bear in mind their budget when they are looking for a property to rent and ensure that you do not purchase a property that will be too expensive for them to afford. Remember at all times when viewing potential properties that you are not looking to fall in love with a property for yourself. Buying a rental property should be a decision which is ruled over by your head, not your heart. Having said that, it can often help if you try to view a property through a potential tenant’s eyes as opposed to through a potential landlord’s eyes as that will allow you to see the things that might put a tenant off of your property.
Location, location, location
Look at local amenities and transport links and choose an area that will be attractive to your target market. For example students will need to be close to their lecture halls and local amenities. Being within walking distance of local restaurants and bars would make your property even more attractive to them. Families on the other hand will be interested in the catchment areas of the local schools and how peaceful the area is. It can be wise to invest in areas that you know well as your knowledge can help you to select a tenant who will enjoy living there. Remember happy tenants equal long-term renters which means less rental voids!
Smaller properties often have less rental voids than larger properties as it can be harder to find tenants for larger, high rent properties. That is not to say that you should not invest in a larger property but you must be especially aware that if you do you should take care to ensure that it is both attractive to your target market in terms of the make and type of property and in a good location for them.
Do your homework
Property prices rise and fall. Large profits can be made from rental income when interest rates are low but rising interest rates can be a cause for concern for landlords. Make sure that you are aware of current trends in the market and keep on top of them even after you purchase your buy to let property in order to ensure that you are aware of and therefore can prepare for any upcoming issues.
Speak to a reputable letting agent that covers the area you are thinking of purchasing in. Ask them about what properties are most popular and what specific areas are in most demand.
If you are considering purchasing a buy to let property in Preston, Leyland, Chorley, East Lancashire or surrounding areas and have any questions then please give us a call and we will be delighted to assist you.