For many, letting out a property as a way of getting a good return on investment capital is a real and achievable aspiration. The current housing market dictates that the to let market is more buoyant than ever, and that paves way for new buy-to-let landlords. If, however, you haven’t let out a property before, there can be a lot of complex obstacles to negotiate. So what is the best advice for people who are wanting to let out a property?
If you don’t already own a property that you want to let out, then the first consideration will be money. How much can you afford to put up towards the purchase of the buy-to-let and what kind of mortgage can you manage? These decisions are the bedrock of the project, so it’s important that you get your sums right. Using a mortgage calculator can help you during this process, as can a consultation with an independent financial adviser.
A smart location
Your next decision concerns the location of the property. Here try to think smart, look at the local economies of the areas you have in mind. For example, what kind of companies operate in the area? If the area has companies that employ highly skilled staff (such as tech companies) then you may be onto something. Another road to success is to look for areas with good transport links, a little investigation can soon uncover whether or not there are plans to improve transport links to places that don’t already have them.
Out with old and in with the new
Once you have a property, to maximize the letting fee, it’s a good idea to freshen the place up. Out with clutter and in with a new fresh coat of paint, some nice lighting and some work on the grounds of the property to give it added curb appeal.
Make life easy on yourself
Most people who let out properties tend to use a reputable letting agent. Using a reliable letting agent has many benefits, agents will take care of many of the mundane task associated with letting a house such as – marketing the property, taking a detailed inventory before tenants move in, dealing with the tenants on a day to day basis and carrying out property visits one the tenants have moved this.
All this will give you peace of mind and allow you to sit back and watch your investment pay dividends.