Buying your first Buy to Let property, a client review
Buying your first Buy to Let property
We met our clients during the survey who were a couple who advised that this was their first Buy to Let property and that they were using cash from their existing home. The property was an end terrace Victorian conversion, which had been divided into four apartments. We surveyed a two bedroom apartment which was on the first floor.
Beware of Estate agents linked to surveyors and solicitors
Our client had realised that the estate agent is linked to the solicitors and in addition the estate agents were also proposing that our client should use their surveyor. Wisely, our client therefore decided to have an independent survey (this is on the same day as one of our clients who we were about to do a survey for was talked out of having an independent survey and into having a survey with the estate agent owned surveyors).
What did the survey uncover?
The property like any property has good elements; as well as being superbly presented and decorated it also had a car parking space, was in a good location for the trains and the buses and would rent quickly.
During the survey we found that the two bedroom property had movement and also a large flat roof area which was a problem as well as an old boiler. The property was beautifully decorated inside although the communal areas had not seen paint for many years! The windows were so bad in the communal areas that we were able to put a screwdriver right the way through one of the windows.
Personal experience on Buy to Let market
We were able to talk to them from our personal experience about the Buy to Let market and about having your own Buy to Lets and how it is very difficult when you first start and there is a steep learning curve. We included some relevant links to our website and advised of different books that we would recommend with regards to the buy to let market.