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Pop in and see us...
Monday to Friday 9.00am-5.00pm
Satelite Office: 6 The Green, Attleborough, Nuneaton, CV11 4FJ
Contact Number: 02476 920076
Belvoir Buy to Let Checklist
Belvoir's Buy to Let Checklist
If you want to make a success of an investment in residential rental property, then please read the following checklist and call us on 01455 634735 if you would like to discuss any of this further.
Buy To Let Brochure also available now.
Research your market - the area, the people you want to rent to, the available property, the benefits and the risks - and keep up with letting industry news
Choose your preferred tenant type. Students? Young professionals? Families?
Find the right property that will appeal to them - houses, flats, older properties, newer builds? Students may not need anything particularly stylish, but a young professional might.
Then pick the right area where they want to live - parents may want to be close to schools and shops; wage earners need to commute to work; students have to be near to their college or university. Look outside your own area if necessary.
If local crime statistics are available, take a look and bear them in mind.
Study the condition of any property you are interested in - from roof, guttering and windows on the outside to condensation, leaks and electrical wiring on the inside. Be conscious of fire risks.
Check whether extensions or conversions have met planning permission or building regulations.
Don't accept the first mortgage offer you get. Shop around. Gather information. Compare.
Get the maths right - your investment might give a better return in some other way. How much is the right property going to cost? Is the rent you expect to get enough to cover the mortgage and give a profitable return? Does the potential capital growth add up to a good investment?
Talk to an independent lettings agent before you buy. Most mistakes involve either wrong location or wrong price paid for a property.
Don't be greedy - Buying to Let should be approached as a long term investment, not a quick fix.
Be prepared for costs that can upset your calculations - ongoing maintenance, small and major repairs, advertising, future rate rises, mortgage costs, agents fees, tax, falling house values, periods when you can't find tenants and the property is empty.
If you're going to manage the let yourself, be prepared to sacrifice your evenings and weekends!
If this is likely to be more of a drain than you are prepared for, seek out a professional, fully accredited lettings agent who, for a fee, will look after your property, your interests and your tenants on your behalf.
As well as being completely up to date on legal, legislative and property industry issues, a local agent such as Belvoir will have expert knowledge of the best rates from local electricians, plumbers and so on, which in itself, can be worth a weight in gold. We do not make any charge for pre-purchase advice, property visits or rental valuations.