<\/p>\n
When you’re ready to invest, the costs involved in purchasing an investment property are similar to those involved when buying a home to live in, with a couple of added extras.<\/p>\n
This probably goes without saying, but having a clear idea of the price of the purchase with the added stamp duty is essential, as this will affect everything. You will need to put forward a deposit, and for a buy-to-let property this tends to be a minimum of 25% for most lenders, if you’re buying with a mortgage. If you’re buying with cash, it will be down to the seller what deposit needs to be paid and at what stage. When buying off-plan, which is what we specialise in at BuyAssociation, a 5% reservation fee is normally required, followed by a further deposit on exchange and the full amount due on completion.<\/p>\n
Certain legal fees apply to any property purchase by both owner-occupiers and investors. Conveyancing is usually carried out by a solicitor or conveyancer, and involves legally transferring home ownership from the vendor to the buyer. The process begins when an offer is first accepted on a property \u2013 this is the stage at which the buyer instructs a conveyancer or solicitor to act on their behalf \u2013 and continues right through to completion when you are handed the keys to the property. The rate you pay for this service will depend on the individual solicitor. Most agents will recommend a local solicitor to use, but buyers can also shop around.<\/p>\n
Most lenders will charge an arrangement fee, and many buyers will also choose to use a broker who can find and arrange the best deal, which may involve an additional cost. Further to this, lenders require a bank valuation of the property to be carried out to ensure there\u2019s no discrepancy between what is being paid and how much the bank deems the property to be worth. This can cost anywhere in the region of \u00a3250 to \u00a31,000 plus VAT, depending on the property value. Buy-to-let mortgage rates are currently very competitive, although still tend to be higher than traditional residential mortgage rates.<\/p>\n
When buying an investment property, many landlords and investors want to offer a fully furnished apartment. One way to do this is to buy a \u201cfurniture pack\u201d, where the whole home is furnished to suit your budget and property. It can make it easier to budget rather than trying to source items individually. It also saves time for busier landlords and investors, and the brand new furniture can be a selling point for potential renters. Costs will vary depending on the size of the property and the quality of the furniture.<\/p>\n
At BuyAssociation we work with a number of partners who can help you with all of the above factors involved in your property purchase. Get in touch<\/a> for more details.<\/strong><\/p>\n When you’re ready to invest, the costs involved in purchasing an investment property are similar to those involved when buying a home to live in, with a couple of added extras. 1. Purchase and stamp duty This probably goes without saying, but having a clear idea of the price of the purchase with the… Read more »<\/a><\/p>\n","protected":false},"author":1069,"featured_media":20216,"parent":8417,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/pages\/4023090"}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/users\/1069"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/comments?post=4023090"}],"version-history":[{"count":3,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/pages\/4023090\/revisions"}],"predecessor-version":[{"id":6091688,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/pages\/4023090\/revisions\/6091688"}],"up":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/pages\/8417"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media\/20216"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media?parent=4023090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}The latest news and updates to help you get started<\/h2>\n","protected":false},"excerpt":{"rendered":"