Is This the Right Time to Invest in UK Property?
Land prices have dropped down tremendously. Drop in property loan rate is complementing the need to purchase new land. It is predicted that land rates will soon rise high with the rising economy. Moreover government is encouraging people to spend rather than save. Hence, an initiative to drop loan rates was taken on March 2009. It was dropped to 0.5% post recession, with the idea of encouraging people to spend.
Very soon land prices would substantially go up. There is a great demand of potential buyers and property investment is the in-thing now. Expatriates who are working abroad are finding a good opportunity to buy their own land. Most of the Indian software engineers and the paramedical staff working abroad are encouraged to purchase land. It serves as a good investment plan and also helps you in your retirement age. You can think of buy to let property and let it out even if you don't want to reside in it. It offers enough financial solace when you are out of work, sick, or are aged.
Consider the reason for purchasing a land. Is it to build a house or for investment purpose? Buy to let property is a good investment plan. It helps you make money in the form of rent and adds up to your already existing earnings. If you are living abroad for few years, you can still consider buying one and selling it at a good price once you return back to your own country.
Edinburgh and Scotland is a good location to consider. You start receiving an income almost straightaway, if you rent it out. It is quite simple and easy! You can negotiate a land deal within a week and can approach a tenant reference agency on the same day. Within a week, you will have a tenant who would make a rent advance. You don't really have to wait for long if you reach out to a tenant reference agency. He will quickly refer a potential tenant based on your tenant requirements from his database. Just make sure you have a rent agreement with him. In case of any rent default, there is a legal binding and the tenant can be evicted. A reference agency will also come to rescue your rental income if you had used his services to find a tenant. Your legal charges and any eviction charges may be covered by the reference agency. They may also cover up the loss of rental income due to a wrong tenant. Choose your tenant carefully and reap the profits of your buy to let land.
By Vijay K Shetty
Vijay Koragappa Shetty
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