There are plenty of expenses that you will need to take into account when buying a home, whether you intend to live in it or rent it out. But when using your buy to let mortgage calculator to work out exactly how much you can afford to borrow and how much you will make back in rent, you should first take into account how much you may be paying out to get the property off the market and rented in record time.
Use an online mortgage calculator to first work out how much you have and how much you want to borrow and then out of the repayments add another couple of hundred pounds onto each month for the first couple of months to see how much you will actually the paying out as you get the house set up and on the market. Try not to take any notice of an interest only mortgage calculator which seems to offer a cheaper monthly repayment as this will just confuse you in the long run.
Once you have bought your property there are a few things you can do to make sure your property is visible on the market and attractive to potential tenants and all of these will cost some money.
Firstly you want your property to be attractive and in some way unique. The best way to do this is a decorate and furnish the home in a way which is classic, stylish, but has a stand out feature which will draw peoples eye. This could be an incredibly landscaped garden, dramatic living room area, balcony or fully equipped kitchen, but you will need to spend money to make this aspect stand out and attractive.
After the house is perfect you need to advertise it and letting agents are the best way to do this. You will have to pay a fee but the letting agent will automatically put you in contact with plenty of potential tenants who have the right price range and are your perfect target audience.
You can also advertise your property yourself. Target work noticeboards, public access areas and the Internet. You will need to take some flattering but realistic photos of your property to catch people’s interest and use language that really sells the property. Emphasise the good points and downplay the bad points. Make sure your advertising is everywhere locally and still available to people from out of town – as they may be looking to move into your area and want to skip letting agencies.
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