|
Starting out in buy-to-let can be daunting for many would-be landlords. If, however, you plan meticulously, approach each task before you logically and deal with any challenges methodically then you stand a better chance of becoming a successful landlord.
Your starter for 10...
- Buy-to-let mortgage: If you require a buy-to-let mortgage, be sure to research the market. It's worth considering using a mortgage broker but choose a broker who has access to the whole market and special deals rather than a limited panel of providers.
- Property: Make sure the property you purchase is suitable for the type o tenant you are looking for. Keep up to date with fluctuations in the buy-to-let rental market - local letting agents are often a useful source of information.
- Location: Research the local area in which your investment may be situated and check that demand for buy-to-let rental property exists.
- Tenants: Consider the type of tenants you wish to attract and that they are present in the location in which you want to invest. Ensure you obtain references before you enter into any contract.
- Landlord insurance: Take out specialist Landlord Insurance cover which meets your needs. Buildings, landlord's contents, public and Employers' Liability, personal accident, equipment breakdown and loss of rental income cover are available. Be sure to compare landlord insurance quotes to get the best deal.
- Decor: Decorate to a high standard using durable fixtures, fittings and materials.
- Contents: Consider the needs of your tenants and provide contents accordingly. For example, a young family may have different requirements to students or a professional couple.
- Property management: If at any stage you do not have time (or do not want) to look after the property yourself, consider hiring a letting agent who will do as much or as little as you stipulate.
- Legal: Before you embark on any buy-to-let venture, obtain reliable legal advice so that you're aware of your rights and responsibilities as a landlord.
- Know your limits: Ambition may be a driving factor in becoming a buy-to-let landlord, but be careful not to overextend yourself financially or personally.
Being a landlord should never be viewed as a short-term investment. But if you get you sums right, find your ideal property and tenants, and settle in for the long term, you could enjoy a very healthy return.
Related articles:
Attracting and keeping tenants
Legal tips for landlords
Dealing with problem tenants
General landlord information (DIY, Inventories and more..)
Energy-saving tips for landlords and tenants
Financial tips for landlords
Buying a buy-to-let property (auctions, location etc)
Insurance for landlords
Using letting agents
Mortgage information for landlords
The information contained within this article is for general information purposes only, it does not constitute advice. Direct Line for Business endeavours to keep the information up to date and correct but does not make any representation or warranties of any kind about its completeness, accuracy, reliability or suitability. Any reliance you place on the information is strictly at your own risk. Direct Line for Business will not be liable for any direct or indirect loss or damage arising out of or in connection with the use of this information.
|
