Here at Belvoir, we’re often asked many questions about investment in property, our local buy to let experts are able to guide you through every step of the process to ensure your portfolio is let legally and efficiently. However, we thought we’d share 4 commonly asked questions regarding property investments and answer them with our best tips.
Q: What makes a good investment?
A: It is hard to give a definitive answer to this, different local markets have demand on different properties, therefore it’s important that you have thoroughly researched and been advised on the best areas and properties to invest in. Most tenants will look for parking, a strong local infrastructure and good transport links nearby
Q: How can I avoid void periods?
A: As a landlord, you can maximise your profits by minimising your void periods. Having the right strategy and being prepared is key to ensuring your property is tenanted as quickly as possible, ensure your property is ready to be listed on the market as soon as your current tenants leave, by maintaining a good relationship with your tenants, they might help you to understand their plans to enable you to react quicker. Alternatively, a good relationship with tenants could make them stay longer and enjoy a long term tenancy.
Q: How can I find the right agent for me?
A: This is actually really important, your agent should be carefully chosen and whilst price is important, it’s also worth keeping in mind what services they offer too. Ensure you’ve asked where your property will be advertised and how long it takes them to let a similar property to your own. Make sure you visit each agent, as you’ll be working with them it’s important that you feel that you will have a good working relationship. It is also worth looking online at their online reviews to ensure a good level of service is supplied to other landlords and importantly, to tenants.
Q: How can I ensure I get a good tenant?
Finding the right tenant for your property is imperative, tenants that default on payments, damage the property and cause disruption will minimise your success as a landlord. A good agent will do the relevant checks on your tenants including credit checks and referencing however as the landlord, you should also try to meet the tenants, building a good relationship from the offset will help to iron out any minor issues as they arise.
For any further information or advice please contact our Macclesfield office on 01625 410 950