Buying to let guide - UK Rental Property Management
Buying to let top 10 guide Buying to let This is where
most developers end up. Once executed, this can prove to be
money for old rope. Ok thats a bit pushing the point, but here i
can teach you some really useful tips on how to let with very
little fuss. The essetial element is to first consider the
previous chapters as just as important as the monthly cheque you
receive from your tennants. In effect the two are very much
releated. So re-read those chapters before you get to this
exciting chapter on how to but to let.
My 10 Steps to success Ok i'm going to make this very easy by
revealing my 10 steps. Follow this and you will succeed, ignore
a step and you may struggle. Here goes...
1. Find the right area to buy into and make some appointments
with local letting agents normally estate agents will be able to
offer help with letting too .
2. Once you've picked their brains to assess the state of the
lettings market (and discovered what type of properties are most
in demand) you can begin the house hunting game. Get several
viewings under your belt to get a feel of the market.
3. Talk to mortgage providers early on in the game to ensure
that you find the best deal. If you have a personal financial
advisor, they will do this service free of charge, use this free
service, it may save you money and time along with our useful
free development guide on this site.
4. Once you've found a suitable property put in an offer and be
patient. What you might think is a silly offer may prove to be a
bargain, remember you can always increase your offer.
5. When your offer on the property is accepted you'll need to
get a licensed conveyor or a solicitor to deal with the legal
and financial paperwork.
6. This is the step that can seem to go on forever, the survey
and searches.You will also need to get it valued. Then you'll be
in a position to finalise your mortgage arrangements with your
7. Who will property manage ? Once you've been handed the keys
you'll need to decide whether you are happy to manage the
property yourself or if you want to hand it over to a letting
8. The chances are that the house will need some work doing on
it, so it's best to get the workmen in there as soon as
possible. You will find our buying to let profit calculator
useful at this point.
9. If you're planning to let the property furnished it makes
long-term sense to invest in solid/ robust furniture (ideally
carboot sales house clearances or local auctions are an ideal
way of sourcing good solid furniture without putting costs
through the roof).
10. Before your tenants take control of the property, do make
sure that they are clear on the terms of your contract to avoid
any later possible complications.