Ten tips for buy to let
If you’re looking to purchase a property specifically for letting it out then here are our top ten tips to make sure you’re making the most of this opportunity.
1. Do your research
Investing in buy to let is a medium- to long-term investment so it’s important to do your research. Speak with both our sales and lettings teams and our mortgage advisers to make sure you’re making the right decisions for the long term.
2. Weigh up the odds
Factoring in every cost can be time consuming but it’s important to make sure you’re going to make a return on investment. Our mortgage advisers can help you get your finances in order, working out the mortgage payment against the rental income, along with taking you through any other set-up costs.
3. Decide on your tenant
It may sound obvious but it’s important to decide on who you want to let the property to, whether it’s students, professionals, families or sharers. This will determine the type of property, its condition and its location.
4. Find a growth area
Once you’ve got your ideal tenant in mind you can start to think about where they might want to live. Try and find areas that are affordable but ‘up-and -coming’ Try and find areas that are affordable but flourishing whether it’s a family friendly suburb with great schools, or a student haunt close to independent bars and shops.
5. Look around for properties
It can be easy to look for a relatively new property in your area, but this can sometimes be more expensive. Look around different areas for different properties to see what works best.
6. Try to get your best price
When you don’t have a property to sell then you’re often in a strong position and can give you some bargaining power.
7. Face the void
Letting a property can be a very attractive investment for some people. When calculating your income and costs you need to always remember periods when the property is empty – known as void periods. Where there’s a mortgage it still needs to be paid even when there’s no rent. At Andrews we work closely with our landlords to minimise void periods.
8. Make sure you're covered
Letting a property is a serious project and should not be taken lightly. There is a raft of legislation and measures to protect consumers when a property is let. A significant benefit of using Andrews is that we can take care of all of the paperwork for you and ensure that your risk is managed.
9. Consider your role as a landlord
We act for many different types of landlords and some take a very hands on approach and others never even visit the property. We have various service levels to suit all types of landlords. For landlords that want a hassle and worry free investment – let Andrews take care of it.
10. Don’t think of it as a home
Although you won’t be living in the property yourself, it’s still important to remember that you’re delivering a service rather than just handing over the keys to your property. We can take care of many of your basic needs, from processing rent payments and arranging viewings to full management.
Make sure to speak to your local branch who have experts in both sales and lettings who can advise on everything to do with purchasing buy to let properties.