Cast Your Eye Outside of London for the Best Buy-To-Let Areas
Build a career as a buy-to-let landlord by purchasing in intelligent investment areas, such as stations located near to the developing Crossrail route.
If you’ve ever dreamed about working for yourself then consider becoming a buy-to-let landlord. You could enjoy the freedom of having more time to pursue hobbies, socialise with friends and family or even take extended overseas holidays. Whilst many Londoners own a property which they let out to tenants, building an actual property empire usually involves renting out multiple properties in order to create a full-time income for themselves.
How to Build a Buy-To-Let Income
A typical way to earn a decent income as a landlord is by purchasing a property with an appropriate buy-to-let mortgage. You should then rent out the property by charging more in rent than the mortgage repayments will cost you each month. This will allow you to cover the cost of repairs and services to the accommodation whilst potentially being able to add some money to your savings. If the market is going well, then the property should increase in value. Where this is the case, you can then re-mortgage the property whilst releasing some equity to be used to purchase an additional flat or house. By repeating this process, it is possible to create your own buy-to-let empire.
Where to Begin Your Buy-To-Let Career
London is an excellent location to operate as a buy-to-let landlord. This is because the housing market is reasonably stable in the city and homeowners can stand to make a great deal of cash from it. However, London properties are notoriously expensive which makes it difficult to get started on the buy-to-let ladder. Instead, potential landlords might wish to cast their eye further afield to locations such as Essex. The nearby county provides a steady stock of working professional tenants, whilst offering slightly more affordable accommodation than the neighbouring capital.
Research Is Key
All potential landlords should conduct extensive research into an area before they commit to a purchase. It is vital when considering where to buy that you focus on the needs of the tenant market. Much like home-buyers, renters are likely to want to live close to convenient local amenities, excellent transport links and well-performing schools. Of course, the properties that tick these boxes have sometimes already risen in value. Therefore, savvy landlords will keep an eye on fresh developments in an area such as new retail parks or modifications in transport links.
Crossrail is an excellent example of an infrastructure which is already changing the property rental landscape as landlords cash in on the opportunities of the development. The 73-mile railway line from Essex through Central London and out to Berkshire has already begun to benefit landlords with properties close to stations along the route. Up and coming areas such as Romford and Collier Row near to the Eastern section of the Crossrail route offer an intelligent investment potential for landlords who are eager to get their foot on the buy-to-let housing ladder.
It’s not too late to begin your career as a buy-to-let property landlord. However, it is important to acknowledge that there is some calculated risk attached to operating within the housing market. Therefore it is important to speak frankly with a mortgage advisor who will assess your financial limits and give you a good idea of what is feasible.