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Top tips for prospective landlords
Over the last few years, the boom in the buy-to-let market has steadily accelerated...
With this growing number of buy-to-let investors, Ray Linton of Anthony Stuart Estate Agents in Edgware has some advice for would-be landlords.
If you are thinking of letting a property or becoming a buy-to-let investor, there are some important rules to remember:
- If looking to buy a property to let, ask your local agent what kinds of properties tenants are looking for and possible rental values before buying.
- Keep interiors clean and modern. Neutral décor with a modern kitchen and bathroom is always a hit with prospective tenants.
- Think about what kind of tenants you are looking for.
- Decide if you will let the property furnished or unfurnished (being flexible may secure a tenant quicker).
- If letting furnished, any upholstered furniture should comply with safety regulations or be removed.
- Have the property professionally cleaned (including carpets) and carry out repairs.
- A professional inventory should be prepared detailing the condition of the property and contents. This is important now the new Tenancy Deposit Scheme laws are in force.
- You must obtain your mortgage company’s permission to rent out the property.
- Inform your insurer that the property will be rented – otherwise future claims may be invalid.
- Most importantly, choose a lettings agent that is a member of ARLA for added security and invite them to carry out a free market appraisal.
Choosing the right lettings agent can be vital to finding the right tenants and maximising your rental income. Here are some top tips for choosing an agent:
- Always choose an agent, like Anthony Stuart, who is a member of a professional body such as the Association of Residential Letting Agents (ARLA).
- Personal recommendation is always a good way to find out the best agents, so ask someone you know who has been a tenant or landlord for suggestions.
- Check out the services an agent offers and find out what you will get for your money. Consider whether you want a ‘let only’ or ‘fully managed’ service.
- Choose an agent who has experience in letting properties similar to yours and who you think will attract the right kind of tenant.
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