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Landlords: Find the Perfect Rental Property

 
28/02/2019

Purchasing any type of property is a huge investment, and even more so when you are doing so for buy to let purposes. Whether you are looking to expand your portfolio or want to invest for the first time, it is important that things go as smoothly as possible and don't go wrong!

Many people believe that being a landlord is an easy way to make some money, but in reality, it can actually be incredibly stressful as well as a lot of work! However, the success of this venture can often be determined on the type of rental property you choose to let out. If you get this part wrong, you could struggle to make any income from it or even attract tenants in the first place.

If you find a great property to let out, it should end up being successful and you should also receive a good return on investment. We have put together this guide on how you can find the perfect rental property. 

Set Yourself a Realistic Budget

Before you even look at potential properties, you should set a realistic budget which you are comfortable with. Once you have planned your finances, you should take some time to research the desired area to where you want your property to be. If you are already local to the area, you will already have a sense of what is on offer, but it is worth speaking with local letting agents as they will be able to provide you with further information on what potential tenants will be looking for.

Take Time to Shop Around

Much like buying a house, you should take your time and shop around. Try and make a list of what you require and everything you think would make a good rental property. Try and view as many properties as possible and take note of certain aspects which you think tenants would love - like a garden, parking, en-suite etc. After you have viewed potential properties, you should have a list of a few which you think would be a great investment; you can now try your hand at bargaining and see which one will offer you a better deal. As you are a landlord, you will be the perfect buyer as you won’t be in a chain. This is great for sellers who are looking for a quick sale and can help you in getting the property for less. 

Keep Your Tenants in Mind 

As mentioned above, you should keep your potential tenants in mind when looking at properties. Aspects like a garden and parking are desirable amenities for tenants, so if you can find a property which has these selling points, you will attract more interest.

Depending on where you are looking, you may want a property which has good commuter links or close to a great school; you should also think about what type of tenants you are trying to attract and what type of environment will suit them.

Obviously, depending on your budget and location, you may have to consider different factors. However, once you have found the perfect property,
it is important to consider the following:

• Will the garden be easy to maintain?
• Will the property be suitable for the type of tenant you are trying to attract?
• Are there good transport links?
• Are there any good transport links?
• Does the property need refurbishing?
• Are there local schools?
• Will the cost of the property combined with any additional fees and any refurbishment costs put you over budget?

Find the Right Mortgage

Almost as important as finding the right property, you should also take some time to think about your mortgage. Obviously, your mortgage should be affordable, but it should also give you the best opportunity to make a profit. You will need to calculate your mortgage payments against how much you are able to charge for rent as you do not want to make a loss.

It is best to look around for the best buy to let mortgage, and it is worth instructing the help of a broker who will be able to find you the best deal. 

Get the right Advice

If you are still a little unsure on how to become a landlord or require advice on your landlord rental agreement or need information on the local area, then please do not hesitate to get in touch on 01837 54504.

 
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