Purchasing your first Walsall buy to let (BTL) property is not the same as buying one to live in. You have to employ a completely different set of tactics, methodology and mind-set.
The main difference is when purchasing your own property, you may well pay a little more to get the home you and your family want, and are less likely to compromise. When buying for your own use, it is only human nature you will want the best, so that quite often it is at the top end of your budget; because as my parents always used to tell me – you get what you pay for in this world!
Yet with a Walsall buy to let property, if your goal is a higher rental return – a higher price doesn’t always equate to higher monthly returns – in fact quite the opposite. Reasonably priced Walsall properties can bring in higher monthly returns. Most landlords use the phrase ‘yield’ instead of monthly return. To calculate the yield on a buy to let property one basically takes the monthly rent, multiplies it by 12 to get the annual rent and then divides it by the value of the property.