Manchester is the largest economic area outside of London with £56 billion gross value added (GVA). Manchester boasts two internationally renowned football clubs, a world-class orchestra, a film and TV production industry and a rich musical heritage. But, more importantly, it’s the favourite, property investment hotspot for 2017 and going into 2018 that’s not looking any different.
Rumours of its death have been greatly exaggerated but there have been a lot of changes in buy to let in 2017. From the cut to mortgage interest tax relief to changes to stamp duty on second homes. Mortgages are more difficult to come by and legislation is becoming increasingly complex. Many see these changes as representing the end of buy-to-let landlords. But, for my part, I see a market that is very much alive and kicking.
Every property on the rental market must meet certain standards that ensure that it is safe and fit to live in. Health and safety in rented accommodation are assessed, normally by a local authority using the HHSRS (Housing Health and Safety Rating System). As someone who is renting however it is better that you know your rights as a tenant and are not just relying on some third party to make sure that everything in your house is as it should be.
What are the three most common mistakes that property investors make when buying buy to let property? The first is not finding out why the property is being sold. The second is taking the estate agent’s word on its rental potential. And the third is not knowing exactly how much the refurbishment is going to cost.
Can’t keep up? Do you find yourself over-complicating your search for buy to lets? Here, Rob Jones, property investor and sourcer, gives away four pointers on how to simplify your next buy to let investment.
In 2014 the property market across the UK experienced a level of growth it hasn’t seen for a number of years.
News Reports for Manchester were even talking about panic buying and price rises faster than London.
If you’re looking to grow a buy to let portfolio (or buy below market value property deals),
Then learning how to value any potential deal correctly, is going to be one of the key building blocks of your property training (and success).
Next up in Part 2 of your mini-rental guide were going to be looking at ‘Moving Your Tenant In’, ‘Managing The Tenancy’ & ‘Ending the Tenancy’.
(If you’ve not read part 1, then you can get the first part of your tips to renting your house quickly here)
Renting out your properties quickly are fundamental to the success of any property investor. Yet it’s a part of the role that’s often forgotten until the last minute.
At its heart, success in property investment and building a property portfolio comes down to 2 things:
- Buying the right property
- Buying it at the right price (below market value)