BUY-TO-LET TOP TIPS

Anita Mehra, joint Managing Director of Benham and Reeves Lettings talks about the buy-to-let market and what you should do to ensure that your experience is a positive one.

Investing in a buy-to-let property is still an excellent way to make your money work for you, but like any investment opportunity, you should seek professional advice before you take the plunge. Make time to talk to a reputable lettings agent in your area, as a chat could save you thousands of pounds in the long run. But in the meantime, here are a few general rules of thumb to get you thinking like a Landlord.

To make sure your property is never standing empty, invest in the type of property that is in demand in the area. Those with two good-sized bedrooms and two bathrooms are generally a good bet, particularly for the professional market and as with all property location is critical, but speak to your lettings agent about what is in short supply and what isn’t. Where possible try and speak to an agent like us that only deals with lettings and property management. This way, you can be sure that advice is unbiased as there is no purchase of a property involved which is the case with most estate agents that do lettings as a sideline.

Remember if you buy in a large new development, there may be a rush to market of several plum apartments all at the same time and so your shiny new investment could take a bit longer than usual to let. Be realistic about how much rent you can achieve from your property. Again, a good lettings agent will be the best source of information on this front.

If you are considering taking out a mortgage to fund your investment, look into the finance side very carefully. Whilst it’s a good idea to allow for voids in your calculations, realistically in this market there shouldn’t be any unless there is something wrong with your property or its location. Take advantage of your letting agent’s experience in this area and listen to their advice. Let’s face it, it’s in everyone’s interest to have the property let.

Make sure your gas and electrical appliances comply with statutory legislation. Your letting agent will be able to help you organise these checks and will keep you abreast of any new legal rulings.

Lastly and perhaps most importantly, choose a reputable, ARLA-registered agent to manage your property - one that will carry out the necessary reference checks on prospective tenants and set the tenancy up properly. Take a professional approach from the very start, and your investment is sure to provide you with many happy returns.

For a realistic valuation of your buy-to-let property contact Benham and Reeves Lettings office on 0800 092 9656 or email info@brlets.co.uk