Thursday, 18 June 2015

Why cheaper isn't better, and how it could cost you dearly in Warrington

At the start of the month i was doing my daily round of dropping off the Warrington Property Talk newsletter when i bumped into another letting agent. He has been following the blogs and we ended up chatting about how the lettings market in Warrington has changed, there seems to be a lot of people who have decided to become letting agents in Warrington offering extremely low fee's but they don't seem to stand the test of time. 

The old maxim ‘buy cheap, buy twice’ could equally well apply to the rental market, to tenants but especially landlords. So why is cheap not better, after all it will save you money – won’t it?

For some landlords, the over-riding concern is often ‘ How can I save myself a few pounds on monthly management fees’, when it should be ‘How do I best protect my extremely expensive asset, which I may have borrowed money to purchase’ or ‘Which is the best type of investment property to buy that is currently in high demand on the rental market, which areas are more popular, and what is the most efficient way to fund the purchase’ – the answer to the last few questions will save you so much more than you will ever save yourself by taking your property to a cut-price letting agent.

The truth is, if you buy the wrong type of property, or buy in an unpopular area, or the property has problems that you are not prepared to address, then how are you ever going to let it out and make a profit? How are you going to find decent tenants if what you present to the market is not what the market wants? Worse still, knowing you are fighting a losing battle, how do you then sell it on to realise its value? By now, you are probably coming to a dead end and wishing you never started this journey in the first place. But help is at hand....

As a new investor, or even as a landlord looking to expand your portfolio into Warrington, what can you do to find the right path to profit? Speak to us here at Hamlet Homes, and we will work with you to understand what your goals are, and then help to guide you towards successfully accomplishing them. We can tell you what the market wants, and help you with the maths to make sure that it all work out financially (remember, you are not buying a home for yourself that looks cosy and idyllic, you are making a purely unemotional business related purchase and it needs to pay its way – simple as that). For a further chat about how we can help you with your investment purchase, call us now on 01925 235 338 or visit our office in Warrington 6 Bankside, Crosfield street for a more detailed discussion.

If you enjoy reading my articles please visit the links below to view back dated issues. 

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