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How to become a Landlord

Latest News and Updates September 5, 2022 476 Views
How to become a Landlord

Things to think about when buying a property

We would always recommend talking to a financial advisor before deciding whether to invest n a buy-to-let property as there can be quite a few large upfront costs to think about. If you are unsure of who to turn to for financial advice, our partners at PSA financial services will always give you clear, professional and effective advice.

Research the rental market in your area. You’d be surprised at how much rental prices can change from one side of the town to the other, so putting in the time to research which areas and postcodes contain properties that let at a higher price is crucial for a good yield.

Get yourself booked in to view as many as you can in your chosen area. This seems an obvious one but don’t settle on the first property you see, the more properties you choose to view the better feel you’ll get for it’s right.

How much repair work needs to be done? You always need to consider this when buying a property as it needs to be added to your investment costs. When viewing an older property pay good attention to the structural parts of the house and anything else that could be costly to put right before letting. If you have any friends or family that work in the building trade it’s always a good idea to ask if they could come along too, they will have a keen eye for a property that needs work. 

To find out exactly what your property should be let for we would always recommend one of our qualified house valuers, they know the market inside out and will be able to give you their expert advice. We also offer free valuations, give us a call and we can get you booked in.

Should I LET privately or with an agency?

Letting out privately will always yield a higher return but you have to make sure you abide by all the laws and legislation. Signing with a reputable letting agent will give you peace of mind knowing that you’re in safe hands when it comes to all the constantly evolving legal requirements when letting residential property.

Finding the right tenant can feel a bit like stumbling around in the dark and you don’t want to let your house out to anyone. We perform a series of background and credit checks to make sure we find the perfect tenant for your property. Deposits are a really important part of letting, it’s almost like insurance to help you if you need to recover losses sustained during a tenancy. But like with letting itself there is lots of legislation defining what you can and cannot do. Our agents are all fully ARLA qualified and all of our deposits are stored securely in an official deposit protection scheme.

These are just some of our top tips if you are planning on investing in a buy-to-let property. But we have plenty more we can offer, don’t hesitate to give us a call or email us to find out how we can help let your property hassle free.