'Buy To Let' Properties
Stevens and Carter has extensive experience in the field of investment properties in this area, or ‘buy to let’ properties as they are now popularly known. In addition to being able to advise about the most suitable locations in which to buy, and how to present a property so that it will immediately appeal to prospective tenants, Stevens and Carter can provide invaluable details to help investors maximise their investments.
How to get started with 'Buy To Let'
Investment properties in this area are widespread and the key to success as a landlord is to set and keep to a manageable budget. Low outgoings are essential in order to make property investment profitable.
Buy-to-let properties which work best for investors must have instant appeal to potential tenants, who will look at all available properties on the market and do a comparison before deciding which one to choose.
Amongst many caveats, always remember that:
- The landlord is responsible (if applicable) for paying ground rent and the service charge for a buy to let property. Rents cannot always reflect the real costs of extensive services (eg lifts, porterage etc.)
- Buildings insurance must be paid by the landlord.
- A two/three bedroom investment property should ideally have two/three good size bedrooms. This makes it more appealing to potential tenants.
- Properties that require modernising may be available at a cheaper price and appear better value for money but they could require a large initial outlay in order to make them suitable for letting which does drive costs up, bare this in mind before making a decision on which property to purchase.
- Choose the area you wish to purchase in carefully, this will have an effect on the rental income you receive.
- Inventories should include photographs to ensure an accurate record of the condition of the property at commencement of rental.
Support from Stevens and Carter
Stevens and Carter’s long-standing experience of the local property market, specifically relating to investment properties, makes us well placed to offer a number of essential services to landlords:
- A Fully Managed Letting Service, Rent Only Collection Service and a Let Only Service are provided by Stevens and Carter. We will be happy to discuss the benefits of each of these services with our landlords.
- Preparation of the tenancy agreement.
- Arrangement of the formal government bonded scheme which controls deposits.
- Recommendations as to what maintenance or decoration is required on a change of tenancy.
- Arrange for us to show round prospective new tenants in the last month of an existing tenancy, to ensure the property is continuously rented.