Thinking of becoming a landlord?
When considering if you would like to become a landlord and buy a property with the intent of renting it out, remember to consider the follow:
a. Know the local area, Map out main shopping areas, schools, universities, business parks and transport links.
b. What type of tenant are you hoping for?
c. Where you would buy?
d. Will the rental income generated cover your costs?
e. What type of property you would buy?
Once you have established what type of tenant you wish to attract you can tailor your property search:
1. If you are looking to rent to students:
a. Location – Close to University Campuses, Shops, Pubs and Leisure Facilities
b. Property Type – Larger properties which would house more tenants – 3/4/5 Bed (remember a property which is advertised to buy with a separate dining room / Lounge could always be marketed as a further bedroom)
2. If you are looking to rent to families:
a. Location – Close to schools, Doctors, Dentists,
b. Property Type – Families are often looking for an outside living space and off street parking. They tend to look for around a 3 bed property or larger, so that they have a spare room for visitors.
3. If you are looking to rent to Professionals:
a. Location – Close to business parks, shops and Leisure Facilities
b. Property Type – Tend to be looking for smaller properties 1/ 2 bed which involve little upkeep, often are not worried if the property has no garden, but prefer a more modern feel to a property.
Remember with all potential tenants they will be looking to be closer to the amenities which are suited to their needs, the closer they are, the more they would be willing to pay in rent, as they save on both time and money when travelling to and from these. From a tenants point of view their time and money are precious commodities in today’s market place.
For more information on how to become a Landlord and advice on the best route to take please contact us on 01223 352225 or email Cambridge@belvoirlettings.com