By Simon Mickelburgh of William H Brown Lettings in Norfolk
Research the market before buying – ask local lettings agents about the types of tenant they come across and their needs and the most popular rental properties they have – then invest in one of these property types.
Do your sums – can you make a profit once you’ve paid the mortgage, lettings fees, insurance and tax?
Decorate the property in neutral tones – instead of decorating to suit personal taste, keep things neutral to appeal to as many potential tenants as possible.
Vet prospective tenants carefully – take references, or better still, use a referencing company, to check tenants can afford the rent and don’t have a history of rent arrears.
Use a professional lettings agent – as well as vetting tenants, the agent can manage the property and advise on a landlord’s legal obligations.
Find the right mortgage – speak to a mortgage adviser, to discover the best deals. Finding the right deal could make the difference between making a profit or a loss on your investment.
Get insured – ordinary home insurance policies often don’t cover landlords, or might not cover you if a tenant sues. You may also want specialist insurance that pays your rent if your tenant does not! Talk to an adviser about the cover you need.
To get the most out of an investment property, landlords need to think differently from when they buy a property to live in themselves and follow these tips. Once they have found a property, we can help them with finance, then find tenants and manage the property too.
*Simon can be contacted on 01603 627877.