Initially we discussed the type of property to buy and had the whole apartment versus house discussion. I explained that we offered a full service helping landlords secure the right property for their needs as well as finding good quality tenants and managing the property ongoing. I suggested that they should also consider planning for Capital Gains Tax and Inheritance Tax at this early stage, there are several sensible things that can be done early in the buying process.
Several houses were viewed before a purchase was agreed through Mortimers on a two bedroom house in Fairford Leys at £163,000. John attended one of our Landlord Drop in Sessions to ensure he could take advantage of the discounts offered.
Completion duly followed late in 2012. John and Alice with some help undertook various cosmetic works and a good tenant was secured, swiftly moving in during the December. Decision made, to first tenant moving in, in less than six months.
John and Alice took a few months to feel happy with the set up…as so often happens several maintenance issues had arisen as soon as the tenants moved in. But undeterred they secured a second property on Fairford Leys via Mortimers at £197,000, this time a town house, in the summer of 2013.
The original tenants are still in the first house although rent has gone up during the tenancy. The second house has just been let again at a higher rent. Both houses have seen significant capital growth totalling around £200,000 allowing John and Alice to purchase a third property on Fairford Leys which has just exchanged contracts. Two bedroom houses continue to let readily if presentation is good and the price is not over cooked.
John comments’ Mortimers have been great to deal with, helping us secure quality properties over the last few years. Their advice has undoubtedly helped me to build this portfolio of properties and their management of them has been efficient. It is great to see a company that gives great customer service thriving.’
If you are thinking of entering the buy to let market for the first time and want straight talking advice get in touch with firstname.lastname@example.org