Buy-to-Let mortgages
Factors to consider when buying-to-let
Buying a buy-to-let investment property is not as straight forward as buying your own home. You will need to seek advice from a lettings agent who really understands the local market before making a commitment.
You need to understand:
- The type of properties that are in demand
- The level of rent these properties can expect to achieve
- What the transport links are like
- What the local amenities are like
- How safe the area is
Finding a suitable tenant
In addition, a proactive lettings agent can assist in finding and vetting suitable tenants. After all, the rental property is an investment. You don't want the worry of whether or not the rent is going to be paid on time, if the tenants are looking after your asset and if they will leave the property in a fit state at the end of the tenancy.
Property Management
In addition to finding a suitable tenant, a good lettings agent can provide a comprehensive property management service to ensure that your property and your tenant are looked after to the highest standards.
Typical property management includes tasks such as collecting rent, handling all administration issues and assisting with more complex issues that should arise. They can even recommend decent and competitive tradesmen and suppliers should you need work doing to your property.
Responsibilities of being a landlord
Below is a list of some of the responsibilities associated with being a landlord.
A property management service can take on these tasks for you, leaving you free to sit back and watch your investment grow.
- Tenant check-in responsibilities
- Transferring utilities into the name of the tenant/s
- Rent collection
- Dealing with difficult tenants
- Ongoing upkeep and repairs and compliance with health and safety regulations
- Inspections
- Accounting and administration
- Inventory and check out (of contents and condition of a property)
- Drawing up the tenancy agreement
- Dealing with renewals
- Early termination issues