Advice and Guidance
Invest in Property Today
There has never been a better time to invest in property. With pension schemes becoming unreliable and unpopular, owning and renting out a property is now becoming the favoured option for investing for retirement. By renting out a property, not only will you have a property to eventually sell when you are ready, but you will also be receiving a regular monthly income right away.
Do's of Renting Your Property
DO think of buying to let or letting out an existing property as a medium to long-term investment.
DO get your sums right. Will the rent cover borrowings and costs after allowing for void periods?
DO decorate, fit out, and furnish to high-quality standards, especially kitchens and bathrooms, to attract the best tenants and let quickly every time.
DO use an established company as your letting agent. They are bonded, hold Professional Indemnity Insurance to required standards, have been in the business for a minimum of two years, and are kept up to date with the latest legal and regulatory requirements.
Dont's of Renting Your Property
DON'T let personal taste cloud your judgement. Be sure that the property you choose meets the market requirements.
DON'T purchase anything with potential maintenance problems like a lot of woodwork or large gardens. It adds nothing to the rental value and cost a lot to look after.
DON'T think that the running of an investment property to let can be left to friends or relatives in your absence. Tenants require a full management service.
DON'T use off-the-shelf tenancy agreements from HMSO or law stationers. Don’t forget to issue the right notices or fail to have a proper inventory and condition report made before a tenant moves in. Leave all documentation to a professional agent.
DON'T furnish with second-hand furniture or cast-off soft furnishings. This will probably contravene the Furniture and Furnishing regulations.