Purchasing a property for your own use or to rent out is a big investment.
Becoming a landlord is a commitment, which lasts longer than the first decision to purchase the property to gain an income.
If you want to get into the letting market, do you know what you need to think about?
Here are some practical questions you need to ask yourself:
- Is it the right time to invest? If you do not want your money tied up for a reasonable period of time, then buy to let may not be right for you.
- Have you researched the local buy to let market? Try to reduce risk and purchase the property at the right time.
- Do your sums - can you keep up the mortgage payments if you are not receiving rent on the property? Can you find the deposit to purchase the property?