Even though this is a more complex option, the amount of first time buyers becoming landlords is greater than ever. A great way forward is to buy a property in a more affordable area and letting it out while you remain living at home or in a rented accommodation yourself. This will require a lot of research from your part and should be seen as a long-term investment. If you are struggling to save sufficient money to put down a deposit on a property, it is probably because you are looking in places out of your reach. You should perhaps start looking in a different part of the country or even abroad and benefit from lower prices. It is of extreme importance that you think about the possible rental market and if you can, look at buying in an area where there is a strong, proven demand for rental accommodation. There’s a large variety of individuals in the rental market, consisting of families, couples, young professionals, holidaymakers, elders and students. However there is no alternative for doing the research yourself. You will get to know about the area in which you are purchasing and who you can expect your tenants to be. One thing you must bear in mind is never to just buy somewhere and hope to be able to rent it out. |