Buy to let property UK


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If you're looking to buy a property to let; then the chances are that you'll have a different property checklist to someone looking to buy a home. For a start, if you're buying solely for investment purposes; then it makes sense to go where you know your investment will be protected. This means buying where you are confident that house prices are stable and where you can guarantee your property will never be short of tenants. Either way you may have to look in an area that you aren't familiar with.

Once you've chosen an area it's worth popping in to a couple of local estate agents to pick their brains. They should be able to tell you about the state of the local lettings market, what type of properties are most are most in demand (number of bedrooms etc), who your tenants are likely to be (professionals, students etc) and what rent you can reasonably expect. No doubt they'll also try to get you on their lettings management books, but this isn't something that you have to think about until later. It's a good idea to ask about the relative merits of letting your property furnished or unfurnished , as this will have a bearing on the total amount you will be able to spend.

They say that ‘you never get a second chance to make a first impression', and the same applies when you're trying to let a property. You're best bet is to make sure that the property is in good order and decorated in neutral tones. As a rule of thumb: properties are much easier to let if tenants view them as a ‘blank canvass' on which they can make their mark.

You'll also make your life as a landlord much easier if you can minimize the amount of maintenance that might be needed. Tenants generally aren't known for their DIY enthusiasm and you'll save yourself a considerable headache by fixing all the dripping taps, squeaky floorboards and ill-fitting cupboard doors before anyone moves in. Similarly it's unlikely that any of your tenants will win the ‘gardener of the year' award, so think about establishing a low-maintenance garden.

 

 

 

 

© AskFinancially.com 2008

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