Selling property has not been the easiest of feats in recent years so if you have a house or apartment you are struggling to sell or want to earn some money on the side then consider renting your property out.
The country is awash with students and first time buyers who can’t get a foot on the property ladder so there has never been a better time to rent a property. There is a lot involved and you can either manage this yourself or employ a letting agent to take care of everything for you.
A few tips when considering buying to let, first and most importantly is do your research. This is a huge step for anyone and if you are new to this kind o investment then there are many things you need to be aware of. The state of market is fragile more often than not so it is best to arm your self with all the facts, working out how much time and money this endeavour will require is crucial.
There are a great many benefits of buying to let but the risks are there and you need to know them all so nothing comes as a surprise. Buying a house requires patience, decision making and flexibility, things might not always go the way you want them to the first time round.
Choose your property and neighbourhood area carefully. It is so important not to snap up a bargain if it is an area where the population is dwindling. Commuter belts and area largely populated by students are ideal and at this point you will need to consider the type of tenants you wish to have. Remember you can have as little or as much direct communication with tenants as you like but letting agents cost money. If you are worried about the appearance of your property then young adults or families might be more suitable for you.
Our best advice would be to speak to experienced landlords, make sure you approach a handful as no one person will be the same. Don’t forget to haggle over the price of your property. Chances are you will have to make a lot of alterations to a property to make it fit for your target tenants so you will need to save yourself as much money on the sale price as possible. Buying to let also provides you with the opportunity to sell the freehold at a later date, or ground rent for a and usually for considerably more than you paid for it.
