Buy to Let Property - What it Takes to Own a Buy To Let Property

10 Steps to Owning a Buy to Let Property

Follow our 10 step plan to take the stress out of the buy to let process and to help you make an informed decision about becoming a Landlord.

1. Decide where you want to buy and make some appointments with local letting agents.

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 house hunting.

3. Talk to mortgage providers early on to ensure that you find the best deal.

4. Once you've found a suitable property put in an offer.

5. If your offer is accepted you'll need to get a licensed conveyor or a solicitor to deal with the legal and financial paperwork regarding the purchase of the property. It may be useful to draw up a tenancy agreement at this point.

6. At the same time you'll need to have the property surveyed and valued. Then you'll be in a position to finalise your mortgage arrangements with the lender.

7. 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.

8. The chances are that the house will need some work doing on it, so it's best to get the workmen in there as soon as possible.

9. If you're planning to let the property furnished it makes long-term sense to invest in solid/ robust furniture (this doesn't mean that it has to be expensive and you'll often do well in auctions or at house clearance sales).

10. Before any tenants move in make sure that everyone is clear on the rental terms and the tenancy agreement has been signed to avoid possible complications later.