For the last couple of decades buy to let property has become increasingly popular as a way of investing and becoming wealthy. But will property investing continue to be a wise investment well into the new millennium?At the time of writing the property market is going through a rough period where home owners are seeing the price of their property drop considerably.We are also seeing a record number of repossessions. These
are not just happening to money strapped home owners, they are also happening to a large number of buy to let landlords.Anyone looking at the property market at the moment could be forgiven for thinking that becoming a property investor is the last thing they want to do. However, while some investors are struggling and cashing in their portfolios, experienced investors are snatching up properties at reduced prices.What happens when a record number of people get repossessed? What happens to these people after repossession? Every homeowner that is being repossessed still requires a place to live. Some maybe able to move in with family and friends but many can’t or don’t want to.Landlords are cashing in on repossessions by providing a place for people that have been repossessed to live. They are doing this either by doing a
or by providing another suitable property for them. People that have been repossessed have probably been through financial hardship, hence will probably not be able to buy a property again for a long time. In fact many no longer wish to ever own a property again. Providing they can manage their finances correctly, these people can be ideal candidates for becoming long term tenants, .Below is a list of just some of the benefits of These are just the tip of the iceberg when it comes to the benefits of investing in buy to let property. Another thing you need to keep in mind when you consider buy to lets as a way to make money, is the costs involved. To many people only look at whether they can get a buy to let mortgage on the property and whether the rent covers the mortgage, but what about some of the other costs involved.Set up costs. These potentially include things like, stamp duty, legal fees, , deposit, renovation/refurbishment, furnishing the property,The Mortgage. This is likely to be the biggest ongoing expense and you need to take into account potential interest rate rises and factor these into the equation as well. Give yourself some leeway in case rates go up.Void Periods. If you have bought correctly and are following some basic rules, these shouldnâ€™t be for to long, but you should factor in at least one months void period in your calculations.Insurance. Buy to let insurance.This could potentially include such things as building and contents insurance, maintenance insurance, void period insurance, and landlords liability insurance, just to name a few of the insurance options open to you.Opportunity Cost. This is to do with whether your money could be better employed else where. If you had kept the money in the bank, would it be working harder for you or if you had invested else where such as in the stock market would you be getting a better return.Any Service Charges and/or Ground Rent ChargeRepairs. Any ongoing Repairs and maintenance costs.Managing agent. The ongoing cost of a managing/letting agent if you use one.This list is not an exhaustive list, it is just a list to give you an idea of some of the costs involved.While, nobody can 100% accurately predict the future (well know one we know anyway), it is possible to look at historical data against current data and make some educated guesses as to what the future might hold.That fact is that buy to let is looking very healthy in the long term in the UK. With the cost of buying a property still to high for many people to afford, a continued influx of immigrants coming to the UK to work, and increased repossessions, the savvy UK buy to let Landlord has many reasons to view the future as being bright.Investing in property is a big decision and requires a suitable amount of commitment on your part. However, if you know what you are doing (or are prepared to learn) then becoming a landlord could be a feasible option to help the average person on the street to secure themselves a solid financial future.Re and your level of property education are the key. Know what you are doing and the World can be your oyster. Investing in things like a good
or mingling with other property professionals could be the difference between success and failure. If you donâ€™t know what you are doing, then you are could end up becoming bankrupt within a blink of an eye.Property has helped many people to become millionaires. However, if you wish to join their ranks, instead of the ranks of the failures, be weary of companies and people that promise to do it all for you.Becoming a buy to let property investor, can be the most important financial decision of your life. It could provide you with wealth that far outstrips that of what you can get from the standard university education. Yet, we hesitate to take a few hours out a week to learn about how to become a landlord while we drop everything to invest thousands of pounds in a university education. Take time out to learn the ropes and pick up as much buy to let tips a long the way as you can, and in years to come, you will thank yourself for taking your property education seriously. **Nothing on this website should be confused with financial or legal advice. If you need this, or any other type of advice, please seek the help of a competent professional. In addition, because real estate laws change all the time and differ from state to state, and even city to city in the same state, everything in these pages should be considered general marketing advice and ideas. Please see link to full Disclaimer at the bottom of this page.