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April 17, 2012

Maximise your rental property returns

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Written by: admin

The current situation regarding pensions has been well-publicised, with many people approaching retirement to find their savings pot may not be as big as they thought it would be. For this reason, many people have begun to look at how investing in buy-to-let property can give them a regular income in later life.

There are, of course, some financial hurdles associated with buy-to-let investment, not least the cost of the property itself. Maintenance costs will be fairly regular, while landlords insurance is a must. However, if you shop around for deals from specialist providers such as Simple, you can keep these costs to a minimum.

Another way to maximise your returns from renting a house is to follow the golden rule of property: location, location, location. When buying a property to rent out, most will naturally look for houses in their own area, for convenience. But is this really necessary?

The latest data from lender Paragon shows that rental properties in the north are achieving higher rental yields than those in the south, or even those in the capital; looking further afield when choosing a house could increase your profit margin.

Also, experts at This Is Money recommend choosing your tenants carefully – a bad one could result in unexpected legal costs or repair bills that leave you out of pocket and increase the cost of your insurance cover. Whatever you choose to do – be cautious with your money!

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