7 Things To Check Off Your To-Do List Before You Buy A Property To Let
Buying a property to let is the first step that people have to take before becoming a landlord, however, it isn’t as simple as pointing out any old property and declaring you’ll let it out. Although you won’t be living on this property, you’ll need to treat the decision almost as if you are. There are many things to think about, and failing to think about them enough could mean ending up with a property that doesn’t get you the results you want, or even one that lands you in hot water with the law.
Here are 7 things you need to check off your to-do list before you buy a property to let:
- Know The Kinds Of People You Want To Deal With
Knowing the kinds of people you want to deal with before buying a property is crucial. Different people are going to be interested in different types of property, there’s no doubt about that. Do you want to purchase a small flat and deal with singles, houses with multiple bedrooms and deal with families, or furnished apartments and deal with young professionals? Think about the type of people that may be interested in a property before you buy.
Find A Reliable, Trustworthy Agent In The Area
Finding a reliable, trustworthy agent in the area will help you on the hunt for the right real estate. They can fill you in on things you may not have known, and help you to arrange viewings and things that will help you on your way to the best decision.
Take Your Own Likes And Dislikes Out Of It And Look At The Facts
Taking your own likes and dislikes out of things when looking for a property and simply looking at the facts is important. You may love bright colors and patterns, but a person will be more likely to rent the property from you if it is decorated in a neutral way. This is because it’s easier to imagine themselves living in the place!
Figure Out How Involved You Want To Be With This
There are property services you can look into where you’ll barely have to be involved at all. It will cost you more, but you can have properties out of your area this way.
Come Up With A Plan B
What will you do when you don’t have tenants? No doubt the time will crop up, so you need to have a plan for it.
Checking The Property Is Safe And Suitable
Being aware of your legal responsibilities as a landlord is a must. You may need the following, depending on your area:
- Gas safety certificates
- Energy performance certificates
- Protecting the tenant’s deposit
- Serving prescribed information
- Landlord license (certain areas only)
- Fire resistant furniture
- Legionnaires disease checks
- Right to rent checks (certain areas only)
- Compliant plugs and sockets
- Safe electrical appliances
Ensure you’re legally compliant at all times and you shouldn’t run into any trouble.
Research Into The Local Market
What sort of properties is renting well in the area? You may want to purchase an apartment, but they may not be doing so well in terms of the local market. This is why doing your own research is a must before you make your mind up.
Remember, treat this as a business and you will do well!