As an Independent Letting Agent combined with many years experience in the local area, Letzone Property are able to offer you unbiased and expert guidance. Our advice is FREE, and our aim is to ensure you make the right investment in the right property.
There are many different aspects you should consider, and this informative guide has been put together to provide you, the new investor landlord, with professional advice on your potential investment.
At Letzone Property we offer a FREE PROPERTY FINDING SERVICE which will include us reviewing any property details you consider suitable and accompanying you on viewings of potential properties if required. It is important you make the right choice, benefit from our wealth of experience in this field.
Seeking Financial Advice
Before you embark on the search for a property to let, be sure to speak to an accountant to obtain expert advice on the financial implications. It is also advisable to speak to an independent Financial Adviser, whom will inform you of the best deals around on specialist buy to let mortgages. You will receive a FREE consultation, which is not to be missed, as it could well save you money. It is important to calculate you maximum expenditure level, and in line with this amount, the rental return required. You do not want to be paying the mortgage yourself each month!!
Which Type Of Property To Choose?
This is by far the most critical decision you will make. The choice of property will not only affect the achievable rental income, but also the type of tenant, and more importantly the lettability, remember you can never recover rent from empty periods.
Dependant on the type of property you wish to purchase, by far the easiest to let is a one bedroom flat. However, it doesn't stop there, there are certain basic features you should look for in a property:-
Either a garage or private parking is a must, the large majority of tenants have a car, and as such would require access to guaranteed parking, most would not consider street parking as sufficient
A high number of tenants are single, professional females, and they do not feel secure living in a ground floor flat, please avoid this where possible.
A security entryphone should be a standard feature of any block of flats.
The property will ideally be situated within approx. ten minute walking distance to a train station, most tenants in this area will commute to London.
Either an old fashioned bathroom & kitchen, or both, will affect the rental and appeal of a property
Gas central heating is preferred as storage heating can prove expensive to run.
The above requirements are preferred, however not all essential if e.g the location & quality of the flat are superb. It is certainly a case of location, location, location!
Should the Property be let as Furnished or Unfurnished?
There is equal demand both options, however, as an investor landlord it is vital to consider the financial element when deciding on which option to select. To decide on the viability of either option, you must investigate the difference in rental income for both options. Also remember that all property contents must be maintained, by you the landlord, which again may result in increased expenditure. There are four marketing options available to you, please note curtains and carpets are required as standard:-
Comprising of the main furniture items to include, beds, wardrobes, sofas, dining table & chairs and the main kitchen appliances
Comprising of all of the above in addition to cutlery, crockery, saucepans etc., & kitchen appliances to include kettle & toaster
This is the most flexible option, it is normal to supply kitchen appliances, however the rest is up to you!
Comprising of kitchen appliances only.
Do You Need to Re-furbish the Property?
The better the presentation, the higher the achievable rental will be, that is fact. There are certain major factors you will need to consider in your property.
Decoration Neutral decoration is by far the best, with magnolia & white being the favourites in rental properties. Avoid deep colours and florals, and remember what may be the fashion now, won't be in a year's time.
Flooring Neutral flooring again is by the best, and beige carpets are the norm. It is important to avoid carpet in the bathroom & kitchen, as this will not be as resistant to water spillage etc., please consider laying lino flooring.
Kitchens Modern is the best, but realistically not always possible. You do not need to have a very expensive hand crafted kitchen, a basic white, neutral kitchen is quite sufficient.
Bathrooms As with kitchens, bathrooms are too important. A power shower is good selling point, it would be worthwhile to considering installing one, if not present already.
Letzone Property have an Approved panel of contractors, all of whom are fully insured, and will
provide FREE competitive quotes where required. Please contact us for more details.
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