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Posted on September 20, 2008 by Ian Bates | Posted under Selling
Wishing to purchase a buy-to-let property in Polegate
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So you are happy and living in your current home. You may have been there several years and it may be adequate for you to grow and establish your home. As time has gone by you have been promoted at work and you are now in the position that you have some disposable income. You see that the market has fallen and that is difficult to sell property. So you have made the decision to use that capitalise. To purchase a competitive priced second home. This decision, that some people have made has shown to be a strong and wise move, but as always I would recommend that you speak to a financial adviser to ensure that you can afford the mortgage payments of the new purchase. As a way to look for advice and help? I for one would suggest that estate agents are a good place to start but would also recommend that you speak to a letting agent to see if the returns are as accurate as you may anticipate. Quite often the best agents to speak to about buy to let properties are those estate agents that are also connected to letting agents. How this can help is that if they believe you may rent the property through them, then they will be encouraged to give you a realistic rental price. There is nothing to stop you going to an independent letting agent and asking them for their advice, to see if they can help you determine the rental figure. Now that your armed with all the information that you need. The repayments on a mortgage, the amount you can spend. The types of property you can purchase and within these properties the most desirable areas to rent. It is now a case that you need to sit down and work out the return on your investment. It is also worth considering within all of these parameters the resell value of your property. The reason I feel deeply to focus on the resell value of the property, is that if you wish to purchase a second buy to let property, you often grab the deposit on the remortgaging of your first. What this means to you is that if an independent valuation would be conducted on the buy to let property. Then the valuations will be based upon resell values. An area that is strong for letting is not always an area that is strong sales. Looking at estate agents Polegate I hope this goes some way to help you make the right choice. About The Author: Ian Bates runs a network of Estate Agents Polegate |
Tags: ESTATE, AGENT, POLEGATE
