Landlord Services
Buy-To-Let Guidelines
Guidelines for Buy-to-Let
- Consider this a mid to long term investment – no less than 10 to 15 years.
- Do your research on the local rental market and seek the advice of a local lettings agent. You must understand who your likely tenants will be and what will be a vital requirement for them eg, walking distance of station if they are likely to be commuters, on a bus route to the local hospital if they are likely to be employed there and most young renters prefer to be close to local sports or social amenities. Your local agent will be able to advise you on local market demands and likely rental figures.
- Look at properties which will be low maintenance. Anything with a lot of painted woodwork or a large garden will involve regular and time consuming maintenance which tenants are usually not prepared to consider.
- Ensure your likely rental yield will cover your borrowings and costs, allowing for void periods.
Tenants do expect a rental property to have a full management service. Be realistic about the amount of time this may involve and if in doubt, ask your letting agent to take care of this on your behalf. - Tenants invariably expect a rental property to be modern, light and airy with good quality fixtures and fittings. Similarly, if you intend to offer a fully furnished tenancy, furniture must be new, modern and clean. If you are hoping to appeal to a professional market, you may need to ensure that your property has broadband and cable access.
And Finally ...
- Instruct only an ARLA member lettings agent. An ARLA member will have a tenancy agreement that has been drawn up by solicitors incorporating clauses covering the potential problem areas experienced agents recognise and are far more detailed than the standard printed agreements that can be purchased off-the-shelf. They are also specific to the property and regularly updated according to the frequent changes in legislation affecting this highly complex market. They hold professional indemnity insurance to the required standard, and will advise both landlord and tenant of their legal obligations according to the latest legislation.
Landlord Responsibilities and the Law
Preparing Your Property for Rent
Brand new development of 2 bedroom apartments within walking distance of Bishop's Stortford town centre and station. Launching soon, call 01279 755400 for further details.