With the buy to let market in the UK booming, more and more people are considering getting in on the market by purchasing investment property and letting it to tenants. Here are some of the essential do’s and dont’s to help you get started off on the right foot and ensure you can enjoy your life as a landlord with the minimum of stress.
- Choose the right area for your investment. Location is the most important factor when it comes to buy to let property, so make sure to carefully consider where you are going to buy. Factors such as transport links, green spaces and proximity to schools and universities can have a huge impact on how much money you are able to command and how successful you will be at finding tenants. Our team can advise you on this and ensure you are making the best possible decisions about where to invest your money.
- Think about what type of tenant you are likely to attract, and what they will want from the property. Students will require affordable and simple accommodation within easy reach of their college or university; professionals will want stylish homes close to good transport links for commuting; families and couples will want homes they can make their own and which are near schools and parks. If you are able to give your tenants what they want, you are more likely to experience long and successful tenancies.
- Consider the numbers. Work out your budget and how much rent you are likely to be able to get from your investment. Buy to let lenders will usually require your rent to cover 125% of mortgage interest repayments on a loan. You also need to consider what will happen if you are left without rent money for any reason, for example if your property is left empty for a period. Our guaranteed rent schemes can remove this worry.
- Make sure you have a management strategy in place. Buy to let properties require suitable management strategies to make sure they stay in good condition and that tenants are being well looked after. As a highly experienced Camden lettings agent and property management specialist, we can provide as much or as little management as you need to ensure your property is kept in good condition and your tenants are satisfied.