If you have access to finance, 2009 could be the best chance for a long time to become a buy to let investor on the cheap. But how should you go about it?
By Gordon Miller
House prices have already fallen on average around 16% from their October 2007 peak – in some regions, Northern Ireland for example, they’ve declined by as much as 32%, according to Halifax. Analysts are understandably wary about being too specific in their forecasts. But, off the record, there is a consensus of opinion that indicates the ‘bottom’ of the market will be around late autumn this year.
Richard Cotton, Divisional Head of Residential Agency Cluttons, said, 'While 2009 will undoubtedly be another turbulent year for London's property market, with transaction volumes remaining historically low, I believe we are approaching a turning point in terms of price falls. There are lots of buyers watching the residential market very closely, and they are desperate not to miss the floor when it arrives.'
'Over the past month, sellers have been considerably more realistic about pricing their property to sell, and we are experiencing an increase in registrations from buyers searching for properties with reductions in the region of 25% from peak prices. There are fantastic opportunities to be had, and this will pave the way for the return of the investor in early 2009. In particular, those multiple buy to let landlords with equity in their portfolios, who want to take advantage of low prices and the cheaper mortgages available to them as a result of their strong equity position.'
So, those with access to cash are in a strong purchasing position, and while the market may have changed the basics remain largely the same. If you are planning to buy to let, put yourself in your tenant’s shoes so to speak. Consider what you yourself would want of a place you planned to rent and set about providing it for your tenants.
Buy Near The Shops, Amenities And Transport Links
Ideally to attract the widest spread of potential tenants, the property should be close to transport and local amenities, including shops.
Fit And Furnish It To Suit Your Market
Depending on who you want to attract – students, professionals or families – it should be fitted and furnished accordingly (but always choose durable items no matter who the tenants are or what their standing is).
Is Now The Time To Buy To Let?
Could You Buy To Let?
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