Buy-to-let can be a great investment for many people, but for others it doesn’t work out so well and can actually end up costing them money.
Anyone considering investing in buy-to-let needs to make sure they aren’t going to fall for costly mistakes.
To make sure you get the best from your buy-to-let experience we have outlined some common pitfalls and how to avoid them…
Buying the wrong property in the wrong location
Location is a vital factor you become a landlord and could make a significant difference to rental yields. Start by researching a number of different locations to find out which is likely to get you the best overall return. Areas with good transport links, schools and nearby supermarkets often have the healthiest rental market.
Choosing the wrong tenant
Your buy-to let-business ultimately relies on the quality of the tenants so it’s important to conduct thorough checks and collect references before they move in. By striking up a good relationship with potential occupants, you can be confident that they’ll treat the property with respect and make rental payments on time.
Failing to manage income
When buying to let you have a choice of whether you become a ‘DIY Landlord’ or pay a lettings agent to help you manage the property.
There are advantages to both, but if you opt to save on letting agent fees you need to be confident that you would be able to take on all the jobs they would usually do for you.
Failing to maintain property
If you are letting a property in a safe and good state of repair then you’ll want it to stay that way.
In the eventuality that there is a problem (broken boiler, shower leak etc.) you should strive to fix it as soon as possible rather than leaving
This is a common area of dispute between landlords and tenants so try not to fall into the trap of not carrying out essential checks and repairs.
When buying to let, it’s crucial that you find a professional and experienced conveyancer to handle your purchase.
At Peter Robinson & Co, we are experienced in dealing with professional landlords and can help anyone looking to purchase a property to let.
We can also help resolve landlord-tenant disputes, whilst offering advice regarding the recovery of overdue rental payments and day-to-day management issues.
You can trust our professional conveyancing team to provide you with a fast and efficient service which is necessary for a smooth buy to let experience.
Get in touch on 0161 678 7996 for more information.