If you are planning to purchase property in the area of Coventry for the purpose of letting, it is absolutely imperative for you to first decide on the kind of tenants that you wish to lease to. Size is another thing that you will have to take into consideration, along with a few other vital factors. The following guide has been curated by our experts to help you make a well-informed purchase decision:
Kind of Tenants
Your quest for the perfect property to let in Coventry will be greatly influenced by the type of tenants you are comfortable in letting it to. In case your target audience happens to be people from overseas or students, try hunting for properties that are either a few minutes of walking distance from the Universities or the Coventry city centre. However, your search can get quite diverse if private tenants are whom you’re after.
Size of The Property
Next comes into play the size of your letting property that you want to buy in Coventry. In general, bigger properties are more likely to offer lesser returns compared to smaller ones in the market of residential lettings. However, there are certain exceptions to this, including accommodation for students or shared rooms, which promise larger rental yields even for spacious properties.
Maybe you came across an old property that has ample space to accommodate a lot of people but requires a bit of makeover. You must account for those remodelling, repair and replacement costs as well, in addition to other expenses like furniture and lighting in case you will be letting to overseas clients or students.
Type of Property
These days, lots of investors choose to buy modern apartments instead of conventional terraced ones, and the benefits of the former are fairly evident. They usually require very little maintenance, come with the builder’s guarantees and their need for repair works is often pretty minimal. Nevertheless, such properties are not without a few disadvantages – ground rents, less resale potential and of course, maintenance costs, no matter how frugal.
As mortgage applications continue to become more and more intricate, the amount of capital required up front has inflated substantially. Currently, there are a very few lenders who would offer mortgages for buy to let properties with 20% deposit. Your best bet will be to seek the guidance of a professional mortgage advisor or letting agents in Coventry. They can help you avail products from most of the lenders.
Was this blog useful to you? If yes, then stay tuned to our blog space for more informative posts about estates and properties to let in Coventry.