Insurance News Archive

Close-to-home buy-to-let investments lauded

The benefits of investing in a buy-to-let property close-to-home are being lauded by property experts.

According to Lee Grandin, managing director of Landlord Mortgages, "local knowledge and the ability to be a hands-on landlord" are crucial facets in successful investment.

"Traditionally, landlords have tried to live as close to their rental property as possible as this means that it is much easier to deal with any problems," he added.

However, he also said that ever-increasing property prices were compelling buy-to-let investors to go "further afield" to find suitable properties.

A survey carried out by the group showed that while landlords travelled on average 20 miles away from their home to make a purchase, over a quarter needed to travel up to 122 miles in order to invest in bricks and mortar.

Nonetheless, almost four fifths of respondents said that if feasible they would choose to buy a property within five miles of their residence.

31 Jan 2007