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Historically Low Interest Rates

In 2020 the Bank Of England base rate had 2 successive cuts. The base rate was cut from 0.75% to 0.25% on 11 March 2020. The next rate cut was on the 19 March 2020 where the base rate was cut from 0.25% to 0.01% This was to try and control the economic shock of the coronavirus.

This means that there are plenty of lenders offering competitive Buy-To-Let mortgages. Another good reason to start investing in Buy-To-Let property or add to your existing portfolio.

Population Increase

The population of the UK is projected to increase to 74 Million over the next 20 years. This will further drive demand in the rental market.

If you are interested in investing in a buy-to-let property to start your property portfolio or you have a property portfolio that you wish to grow further, then please don’t hesitate to get in contact.

Viewing Properties

When you are viewing properties, there are a number of things to look out for and take note of. These things could cost you more when refurbishing the house, so you need to establish if these things will need replacing, so you can accurately cost a refurbishment.

Roof

Look at the roof front and back and check the roof for missing tiles or other damage, which may indicate that roof could be leaking.

Windows

Check the condition of the windows in the property. Are the windows double glazed? Do they have wooden frames and if so are they rotting? The question we are asking here is, are we going to have to replace the windows?

Kitchen

Kitchens normally get a lot of wear and tear. What sort of condition are the cabinets and work surface in. Check under the sink, are there any leaks? Are any appliances included? If so how old are they and are they in working order?. We need to determine if the whole kitchen needs to be replaced. If the kitchen is fairly new, you may only need to paint the kitchen to freshen it up.

Bathroom

Look at the bathroom, is this bathroom in good condition or will the entire bathroom need replacing? Check the condition of the sanitary ware, does it have any chips or other cosmetic damage? Does the toilet flush? Do the taps work and do they drip after being turned off? Look for any evidence of leaks and damp in the bathroom. Again if the bathroom is in good order, this may just need to be repainted. Check the ceilings below the bathroom for any evidence of leaks.

Heating

Check if the heating is on, while you are viewing. When you are making your way around the house, check that each room is warm. Put you hand on the radiator and check if the whole radiator is warm. A half hot and half cold radiator may mean that the radiator needs flushing or replacing. Also make a visual inspection of the radiators, check if any are rusty and need replacing.

Boiler

Make sure when you are viewing the property to visually inspect the boiler. Take note of the make and model. Find out when the boiler was last serviced and how old the boiler is. Replacing a boiler could cost several thousand pounds. Also check if the heating comes on.