Choosing the right buy to let property
Location, type and state of the property are the three most important factors to look at when choosing a buy to let property - good research is vital. Is the buy to let property close to transport links? Is there parking? Is it close to amenities, such as the shops and leisure facilities? Don't just be guided by your own preferences - ask a local agent for advice on what's in demand in the area. In some places family homes are in demand, but in others a one-bedroom flat may be more easily let.
Most tenants have high standards these days - modern bathrooms and fitted kitchens are essential in your buy to let property. There is a demand for unfurnished property, but showers, fridges and washing machines are now expected as standard. It is worth paying extra for a property in good condition, unless you have the time and resources to refurbish it.
You might choose a fantastic location for your immaculate property but still be unable to let it due to unfavourable market conditions, or just lack of demand. To cover your mortgage payments and make buying to let a successful investment you need to keep your property rented as consistently as possible. Make sure your research covers local demand for rental properties and an assessment of future demand, to be as certain as possible that you will be able to let your property.
The Association of Residential Letting Agents (check out their website at http://www.arla.co.uk) produces a booklet giving you tips on what to look out for when choosing a buy to let property. Their site also has guidance and advice for both first time and experienced landlords.
