When considering a buy to let property, make sure you choose the right area. Location is of paramount importance in these crucial times. Choose the wrong area and you could see any potential profit disappear before your eyes.
When deciding upon the area in which to invest, ask a few estate agents who live locally and know the market well. They will be able to tell you about those areas that are in need of development, those areas that are quite affluent and also inform you of any other details that aren't necessarily local knowledge. Knowing what is in current demand will help you make the right choice.
Many people considering buy to let mortgages may well be prepared to do a little bit of maintenance on a property, perhaps then paying less for the house due to the work it requires. If you are capable of doing this, then by all means go ahead and renovate the property a little. If it makes it more appealing to prospective tenants, then obviously this is the most important thing, as this could increase your potential profit income.
I think it is important to minimise the chances of any void periods, so where there is no tenant in your property and you are losing income to pay back the buy to let mortgage. Naturally, this is a likelihood that one should take into account and it cannot necessarily be avoided, but can be minimised by making sure there is a new tenant lined up when the old tenant leaves. Show people round the property while the current tenant is still there with only a few weeks until they leave, so by that time, you may have a new tenant ready to move in and loss of income is minimised.
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