Investment properties in Falkirk come in all shapes and sizes

I recently attended a local meeting in Falkirk where I got recognised as being the Falkirk Property Blog chap (well you have to be recognised for something, why not that!).  A question I was being asked repeatedly was ''What is the ideal property to invest in in Falkirk?''.  So I thought I would share my thoughts with you.

When considering a buy-to-let purchase what is believed to be a good deal will vary from person to person.  Everyone will have a different budget and varying preferences on location, style of property, condition etc as well as having different financial situations. That isn’t unusual, no different to everyone who has a different taste in music (I’m a 1980’s person myself with love of Abba if you are interested!).

I have always been of the opinion personally that “spreading the risk” is wise if you have a large portfolio.  A few flats, a few houses, a couple in New Carron Village, a few in Rosebank, some in Gartcows etc, makes sense. All your eggs in one basket is a risk if something unpredicted were to occur.

I am also of the opinion that buying two properties for £85,000 is better than one house at £170,000.  If you choose wisely two properties at £85,000 might rent for £500 a month each, but you’d struggle to find a £170,000 house that would rent for anywhere near £1,000.

Then there is the view that flats change hands more regularly than houses, so for longevity of tenancy buying a house might be wiser. But then these houses are rented by families with children, and children might lead to more wear and tear on the property, the “what if’s” are endless.

Also, you need to be nimble when investing in property and change your investment strategy to take account of market, legislative and tax changes.  Take tax as an example.  It has been well documented that the additional 3% of Land & Buildings Transaction Tax (the Scottish stamp duty to you and me) for buy to let purchases that came into place on the 1st April 2016 is likely to affect the market but opinions vary on how.  What I am seeing ‘on on the ground’ is a change in the requirements of some investors in that they are lowering their budgets and considering smaller properties to avoid paying out more than needed on tax.

One thing is for certain, demand for one, two and three bedroom properties in the rental sector is high which means that there is room to trial many different stratagies.

We have developed a checklist which guide peoples to work out what sort of property is likely to fit their circumstances.  Please get in touch is you want a copy.

In short, don’t assume.  Feel free to get in touch and ask me what I think about your plans. I would be happy to cast an eye over the property you are considering buying and let you know what I think the pro’s and the con’s of it are – you can pop into my office at 6 Vicar Street (the kettle is always on), call me on 01324 469840 or email me on news@thekeyplace.co.uk.

If you are a landlord or thinking of becoming one for the first time, and you want to read more articles like this about the Falkirk property market together with regular postings on what I consider the best buy to let deals in Falkirk out of the many of properties on the market irrespective of which agent is selling it, then visit my blog, the Falkirk Property Blog, or sign up for our monthly newsletter, the Falkirk Property News.

www.thekeyplace.co.uk

A few more interesting articles about the Falkirk property market:

• A 0.95% Return with The Post Office or a 12.37% Return with Falkirk Buy to Let Property? http://bit.ly/2bH0IzW
• Post Brexit Life in the Falkirk Private Rented Sector http://bit.ly/2bOw05y
• Post Brexit property disaster - more like a ‘soft landing’ so far Nationwide claims http://bit.ly/2bjesNb
• 266% increase in 20 years in Falkirk – interesting, very interesting http://bit.ly/2ahgFNo
• A look at how the Private Rented Sector is performing, Summer 2016 http://bit.ly/2aR3kKN