When it comes to investing in property, there are few places better than the beautiful county of Devon. With a range of property types and an area renowned for its natural beauty and excellent rental yields, it’s easy to see why Devon is an attractive choice for anyone looking to get into the buy-to-let market. But before you get started, there are several things that all potential buy-to-let landlords should consider to make sure they are getting the most out of their investment.
One of the most important aspects of any buy-to-let investment is location. When it comes to Devon, there is much to be said for carefully selecting the right area. From the rolling hills of Exmoor to the sprawling coastlines of the English Riviera, Devon has something to offer potential landlords from all backgrounds. If you’re looking for an area that is likely to offer higher rental yields over the summer months, then the popular seaside towns of Sidmouth and Exmouth are excellent places to start. For those looking for more of a rural lifestyle, then the many picturesque Dartmoor villages may be the ideal destination.
Once you’ve found the ideal area for your buy-to-let property, it is important to ensure you are buying in the best possible condition. This means sourcing the right type of property for your needs and budget. The majority of Devon’s property market is made up of detached and semi-detached homes, while there is also a wealth of popular apartments to choose from in the urban areas. However, it is important to bear in mind that any property you purchase must comply with regulations set by the local Housing Association.
Having found the perfect property, the next step is to decide which rental strategy to use. If you’re considering short-term holiday lets, it is important to make sure you are familiar with both local and national legislation surrounding the subject. You should also determine whether you need to obtain additional licenses from your local council in order to ensure that you are compliant with the law.
In terms of finding tenants, Devon has plenty of options. The area offers a wealth of families, individuals, and retirees that all require a place to live, making it a prime location for those looking to rent out their property. To make sure you are getting the best value for money for your buy-to-let, consider using a reputable Letting Agent who will be able to advertise your property and screen potential tenants to ensure that you are getting the most suitable applicants for your property.
Lastly, it is important to make sure that you have the right buy-to-let insurance in place. This will cover any potential damage to your property, as well as providing protect against liability claims in case of tenant injury. It is also important to be aware of any additional taxes that you may have to pay depending upon your individual circumstances.
Making your mark on the property market with buy-to-let in Devon is an exciting prospect, but it is crucial to make sure that you fully understand the current market and all of the regulations in order to get the most out of your investment. Take the time to research all aspects of the process, and you can be sure that you will be able to make a sound financial decision for both you and your tenants.
