Given the nature of the rental market in the United Kingdom, and the difficulty that many first time buyers have in obtaining a mortgage, it is easy to see why the buy to let market has expanded considerably in recent times. If you have money to invest and you are looking for a solution that offers short and long term benefits, the buy to let market may represent tremendous value.
If you are keen to enter the buy to let market and take up the role of being a landlord, here are 5 buy to let tips for new landlords.
Research and choose the right area
When it comes to being a successful landlord, the right property makes a massive difference. This is why you should take your time in finding the right home that is best for your needs. Price will always be a factor but you should take into consideration the level of demand that an area has, the level of demand a particular style of property has, whether the home is close to you or not and many other aspects that will impact on the demand for your property and your ability to act as a landlord.
Don’t settle for the first mortgage you are offered
While it can be tempting to arrange a mortgage as quickly as possible so you can get started as a landlord, it is important to properly appraise your mortgage options. The buy to let mortgage market offers options, but you should take time to understand the implications and consequences of your mortgage. Seeking out an independent financial advisor for guidance will make sense and may save you a great deal of hardship and trouble later on in the process.
Who is the ideal tenant for your property
You should also be thinking about what sort of tenant you want to attract to your property. This may have an impact on the location you want to buy in or the type of property you want to buy. A family will be looking for a different type of rental property compared to what a young professional would be looking for, so if you have a style of tenant in mind, make sure that you are able to offer them a relevant and attractive property.
Determine how hands on you want to be
Being a landlord can be an exhausting role and you will be on call 24 hours a day, 7 days a week. If you want to bring in additional income but don’t want to work so hard for the income, you may decide to call on the services of a letting management firm. The firm will take a fee for their services but they will take much of the pressure away from you. If you are choosing this option, be sure to have calculated their fee or commission into your sums in determining what the best option for your needs is.
Always think about the rental income
When taking out a mortgage, it is natural that people think about the long term and you may focus on the value of your home. If you are looking to be a successful landlord, it is important to focus on the rental income that you will receive every month. With a buy to let mortgage, the rental income should pay for the mortgage every month, so it is crucial you bring in enough money every month to cover your mortgage.
Thinking of moving to Staines – upon – Thames please contact us we would love to help you on 01784 441818
