Ever thought about purchasing a buy to let property but are wondering if it’s worth doing? There are so many benefits to investing in the right property for letting and becoming a landlord. It can be a sound business move, provided you choose the right area, property and letting agent to manage it for you.
There is financial yield in renting out a property in more than one way. Which of course is the monthly rental yield, but how much is a good target rent once you consider your expenses against income. There are various yields on this ranging from 3% up to around 7%. Therefore, when going through the decision-making process, it’s important to weigh up what your monthly expenses will be for example:
• Agent fee
Some of these expenses will be periodic or annual and others will be monthly outgoings. The best way to work out your rental yield and whether your buy to let investment will be worthwhile is have a conversation with a professional agent.
Working with the right agent
When you choose an agent that is experienced and knowledgeable, they can give you advice before you even purchase the property. This will help you with realistic expectations on your expenditure. With the right advice from the outset, including invaluable knowledge about the demographics and profile of the local area, you can make an informed decision. This will give you a buy to let property with a decent rental yield.
The other obvious benefit of a buy to let is the bricks and mortar itself. By investing in a property, you could end up with a pension fund for your retirement. It’s easy to see how when properly managed, rental properties can provide a decent monthly income.
Is letting a property worth it
We have established that when thoroughly researched and guided by the right agent, a buy to let property can be hugely financially rewarding. But what about whether it is worth all the work that comes with it? We have all heard horror stories about nightmare tenants, that is why an astute landlord picks the right letting agent to manage the property for them. When you choose someone like James for example, you reap the benefits from all their years of experience in and around the Croxley Green and Rickmansworth area. Their commitment to looking after landlords’ interests, knowledge of the market, expertise in promoting your letting and knowledge of regulatory and legislation renting makes letting a property so worthwhile.