Purchasing A Buy-To-Let: Which Property Is The Right Property?
Becoming a landlord for the first time is a daunting experience, especially when it comes to ensuring you comply with all of the complicated and ever changing legislation surrounding it. However, before one can even begin to cross this bridge, any potential landlord must ensure that they are investing in the right buy-to-let property in the first place.
When looking at potential properties, there are a number of questions to consider.
Below, we have expanded on each of these to assist any potential landlords looking to enter the rental market.
Will the property appeal to a wide range of tenants?
Consider who exactly you’re targeting as potential tenants. If you’re looking for working professionals then consider the location and whether the property is within easy commutable distance of large towns and cities. If you’d rather the property was aimed at families then look for properties with more bedrooms and perhaps a larger garden. Whoever you’re targeting, make sure that the property looks appealing and has all the basic amenities someone might need.
Will the property be easy to maintain?
As a landlord it is your responsibility to ensure the property is kept in a habitable condition and that any maintenance issues are dealt with quickly and easily. It is also worth considering whether the property will pass regular gas safety checks and electrical safety checks or whether these could flag up additional maintenance work, which you will have to fund. New builds have become increasingly popular for buy-to-let landlords recently as they are much less likely to have maintenance issues, which could eat into your rental income. As attractive as character cottages can be, and as popular as they are with potential tenants, consider whether you have the budget to maintain them.
What rental value will the property achieve?
This is where the Taylor & Co team are happy to help! Our team offer a completely free valuation service on any potential buy-to-lets. We’re more than happy to meet you at the property if you would like us to but more often than not we are able to provide a rental valuation based on the sales particulars. We endeavour to come back to potential landlords as quickly as possible so that they can make a quick and confident decision on whether the property is right or not. It is important this is done by a qualified letting agent rather than the sales agent as not all sales agents have experience in rental valuations. Our team are also happy to provide written valuations which can be provided to mortgage lenders if they require a record of this information.
Picking the right property is the first step to becoming a responsible and successful landlord and the Taylor & Co team are happy to become involved as early as you would like in the process. If you have any questions at all, please feel free to get in touch.
The team can be contacted on 01747 416516 or through firstname.lastname@example.org