Thinking of purchasing a buy to let?
Here are your top tips:
- Check the values of similar property in the area so that if in the future you need to resell you are protected
- Research the rental values for the area with a reputable agent
- If you are planning to have a mortgage, check with an independent financial advisor and take advice on the type of mortgage you should take and whether it might be best to fix the rate for surety going forward.
- Check to see if there are any other regular costs, such as factoring fees
- When you think about the income consider void periods when you will not receive any rent
- Consider a rent guarantee policy to ensure you have your rent paid if the tenant becomes unemployed or has a problem paying
- Check what tax you will need to pay from the income
- Think about the long term rather than the short term as costs of purchase, stamp duty etc will be spread over the term. Long term benefits will include rent receipts and potential capital value increases
- Consider whether you or a member of your family would be happy in the property or in the area as this is likely to be the same kind of decisions a tenant will make
- Think about your responsibilities, this is likely to be a long-term commitment
What we do
We can help, we can give you a realistic likely rental based on current market values. We will give guidance on factors you need to take into account, such as regular safety checks.
We can organise a rent guarantee for ingoing and existing tenants (provided there are no current arrears) to ensure you will receive the full rent due. We can also provide accompanied viewings and arrange tenant checks for you prior to agreeing a tenancy.
Once a tenancy is agreed, we will prepare a draft tenancy agreement, a full inventory, register change of tenant with the local council for council tax and with utility providers. During the tenancy, we will liaise with the tenants and yourself over repairs and essential checks, arranging these on your behalf.
We will collect the rent and pay the net rent, after management fees and agreed repairs have been deducted, to your bank account by BACS.
