Investment in UK property is the most favored choice for foreign investors. Investing in UK property allows investors to enjoy participation in a stable and robust economy, decent yields, and property values. The prices of property in the UK is increasing every 8 to 10 years.
There’s a vigorous demand for homes in the United Kingdom that aren’t being satisfied by new house builds. As an investor, if you have decided to invest in UK property, one of the few things you should keep in mind is to ensure that you will earn a handsome amount of money in return.
The costs foreign investors should consider when buying or renting a property in the. It is vital for an investor to find a reliable and professional property investment manager.
These managers can help you in finding suitable tenants and negotiate with them. They are responsible for carrying out property inspections and advice on maintenance needs, and they keep the costs to a minimum.
They have to ensure that inhabitants that are mentioned in an agreement are updated accordingly. For the overseas investor, it is easy to find someone who can collect the rent and deposit it in their account. The investors need to pay 10% and 20% of the lease to the property management charges.
The landlords have to suffer from certain void periods. A good investment property manager will assist to keep these to a minimum, signing up a new tenant as soon as possible to stay null periods between tenancies as short as possible.
However, during a discontinued period, the investor will still need to pay your mortgage and other costs, which include, council tax, utility bills, maintenance and repairs, annual service charges, and Income tax as well.
Apart from all these expenses, the investors have to bear many other costs as well. For example, most buy-to-let properties must have Energy Performance Certificates along with the Gas Safety Certificate at regular intervals. Investors will need to pay a registered and qualified technician to check the feature and provide necessary certificates.