Belvoir, one of the UK's largest property letting and management specialists, says that new landlords should take a long look before they leap into this booming market - and fully consider the pro's and cons of either 'going it alone'.
It’s an important first decision for all new buy to let landlords
Public interest in buy to let property investment has never been higher.
Tumbling mortgage rates, a shortage of housing stock, increased tenant demand, all boosted by the recent liberation of some people’s pensions savings, are continuing to tempt more and more investors into the sector as a way of protecting their financial future.
According to the Council of Mortgage Lenders, private residential buy to let mortgage funding has increased by 11 per cent year on year with nearly 16,000 loans, representing £2.2 billion, issued at the start of 2015.
However, Belvoir, one of the UK’s largest property letting and management specialists, says that new landlords should take a long look before they leap into this booming market – and fully consider the pro’s and cons of either ‘going it alone’, or employing an agent to advise on what can be a daunting process for novice investors.
Belvoir says there are three principal points to consider:
Being a ‘do-it -yourself’ landlord means having the time and patience needed to care for your property and its tenants. Would you be able to deal with any issue at a moment’s notice, to the satisfaction of all concerned?
Do you have the manual and organisational skills to maintain the property to the required standard, or would you need to employ someone to do this for you?
Are you confident about handling all the legalities? Changes to Landlord and Tenant law are frequent and often complicated. Again, this demands time, research, a thorough understanding and great attention to detail.