Buy to let Property

Here are some things to consider.

1. The current state of the housing market
2. The latest and best deals on buy to let mortgages
3. Falling in love with a property you’d love to live in yourself. The number one rule here is that your property needs to meet the market requirements and match the desire of your target tenant.
4. Furnishing the property with second-hand furniture or hand-me-downs. There’s a high chance these will breach the furniture and furnishing regulations.
5. Buying a property that needs a heavy makeover or ongoing maintenance. Large gardens, old roofs, vintage interiors – they all require a lot of upkeep … and do little to enhance your rental value.
6. Leaving the property under the supervision of a friend or relative while on holiday. Your tenant relies on you to respond to problems immediately – they’re paying you for that service. Therefore, a lot of landlords go down the letting agent route, so there is always a reliable contact looking after the investment.
7. Failing to secure a tenant’s deposit in a government deposit scheme. This can leave you exposed to the tenant prosecuting you for a much higher value than the deposit’s worth.

• Stay longsighted. Your investment is long-term here and the benefits can be great. It is not a get rich quick scheme.
• Work out a reasonable rental fee that not only covers your mortgage repayments but also any fees you’re paying in relation to the management of the property (i.e., paying a letting agent). On top of that, account for your own profits – some of which ought to be banked to cover any repair costs which may crop up. Our calculator can show you how much rent you should charge.
• Invest in your kitchen and bathroom to ensure they’re both at their affordable best. These are the main rooms a tenant will look for when choosing a rental home – because they’re not going to invest any money into these rooms themselves.