You can buy a property to rent with a deposit as low as £10,000! We have numerous buy to let investments, providing a minimum of 7% yield for sale... Call us today!
Many people are considering buying a property to let out, and at Tower Properties we pride ourselves on our expertise in this field.
Whether you are looking for your first property to rent, or to expand your existing portfolio we can advise you on all aspects, from selecting suitable property to arranging the finance.
Contact us for an initial discussion. This service is free, and can be arranged at a time to suit you.
Choosing an Area in Stoke on Trent
Look for a buoyant local rental market that’s growing. This can be evidenced by new industrial sites being designated, good transport links to nearby cities and regional development initiatives.
Visit the area. Are there lots of properties to rent? Talk to local letting agents about the rents expected, and which areas of the locality are best – this can vary from street to street. How long does a property stay empty before it’s let?
Financing your purchase
Mortgage interest payments are an allowable expense to set against rental income for tax purposes, but we do advise that you contact an accountant or other suitably qualified person for full details, as we are not qualified to give tax advice.
If you want to buy with a mortgage there are a huge variety of schemes available, but you should talk to an experienced Buy to Let mortgage advisor as the criteria and expenses involved can vary enormously.
Why Stoke on Trent?
In a word – yield.
Stoke is located in the centre of the UK, just of the M6, within easy distance of Birmingham, East Midlands and Manchester airports, yet surrounded by beautiful countryside. The area is well served with railway links, being close the major junction at Crewe.
Stoke is historically a Potteries town. The ‘Five Towns’ are all located in Stoke on Trent. The majority of the terraced houses were built by the potteries around the turn of the last century. Over the last twenty years the potteries have declined and the coal mines have closed leading to a depression in property prices in the area.
Over the last five years there has been an investment plan by the current government to revitalise the area. The slag heaps have been removed and turned into parks and many large employers have been attracted to the area by the low property prices and excellent communication links. There has been considerable investment from Europe as well.
Add to this the effect of the national minimum wage and you now have a an area that could be considered as undervalued in relation to other areas in close proximity along the M6 corridor. Prices in Stoke have on average grown by 120% in the last 3 years, but the average price of a two bedroom terraced house is still around £75,000 with a rental income in the region of £400 per month.
An investment property in Stoke on Trent can be purchased with an initial cash outlay of as little as £16,000, subject to status and survey.
Growing your portfolio
Over the years you may expand your portfolio by purchasing more properties to rent out. We can advise you on ways to do this, utilising the equity in your existing properties. Contact us on 01782 757117 for information on how to lower your monthly costs and release equity to purchase more property to rent out.
