Buying to let top 10 guide:
Buying to let in the UK market has become a real challenge, as prices have remained high but demand for renting is also high. Our Top 10 tips will maximise your chances of making a good return on your investment into the buy-to-let market.
My 10 Steps to success:
Ok I'm going to make this very easy by revealing my 10 steps. Follow this and you will succeed, ignore a step and you may struggle. Here goes...
1. Find the right area to buy into and make some appointments with local letting agents normally estate agents will be able to offer help with letting too .
2. Once you've picked their brains to assess the state of the lettings market (and discovered what type of properties are most in demand) you can begin the house hunting game. Get several viewings under your belt to get a feel of the market.
3. Talk to mortgage providers early on in the process to ensure that you find the best deal. If you have a personal financial advisor, they may do this service free of charge and so it may save you money and time along the way.
4. Once you've found a suitable property put in an offer and be patient. What you might think is a silly offer may prove to be a bargain, remember you can always increase your offer.
5. When your offer on the property is accepted you'll need to get a licensed conveyor or a solicitor to deal with the legal and financial paperwork.
6. This is the step that can seem to go on forever, the survey and searches.You will also need to get it valued. Then you'll be in a position to finalise your mortgage arrangements with your finance lender.
7. Who will property manage ? Once you've been handed the keys you'll need to decide whether you are happy to manage the property yourself or if you want to hand it over to a letting agent. My advice is use a letting agent, it may cost you but the knowledge and experience a professional letting agent can provide will save you money in the long run.
8. The chances are that the property will need some work doing on it, so it's best to get the workmen in there as soon as possible. You will find speaking to the letting agents that they have just the team for the job should you not already have someone in place.
9.When it comes to marketing the property remember that unfurnished is the modern way. It may very well be that you need to provide kitchen appliances but other that leave the property empty except for flooring and curtains or blinds.
10. Before your tenants take the property, do make sure that they are clear on the terms of your contract to avoid any later possible complications.
If you want more tips on letting property go to our website www.propertyfile.co and click on the FREE STUFF icon and request a copy of SECRETS TO SUCCESSFUL LETTING.
"Your local lettings experts, our advice is free but our knowledge is priceless"
I have been in and around the Hertfordshire property market for over 25 years, starting as an estate agent in the county town of Hertford and now running a successful lettings and property management company based in Stanstead Abbotts. I have let and managed property all over Hertfordshire from the area that I currently work to Wheathampstead where I owned and managed a lettings & estate agents to Watford and surrounding areas where my company acted as a marketing agent for one of the largest property management companies in the country”
Adrian Fallart - Director - Property File
