Top tips for buy-to-let landlords

Locally Countrywide have seen demand for rental properties increase over the last few months, particularly in Leamington and Warwick.

With tenant demand already at record levels, it seems that even more people are continually entering the rental market, making the buy-to-let market a perfect opportunity for investment.

Rental market expert Rachel Goldsmith, branch manager, provides some top tips for landlords in the Leamington area:

Location

Location is critical when purchasing a buy-to-let property. It does not have to be in the area you live in.

Areas with a high concentration of students present itself as guaranteed income, and also walking distance to town centre.

Selecting an area where there is a high demand for properties for the type of property you can afford to buy and the level of rent you will need to charge in order to make a profit.

Research Some landlords find it difficult to detach themselves from the property they are buying.

Speaking to estate and letting agents that operate in your chosen area is the best way to get reliable information about what kind of properties are in demand and to gauge what the average rent prices are in that area.

It is vital that you gather the best information before making your purchase.

www.propertywide.co.uk provides a comprehensive list of estate and letting agents operating across the UK. Visiting properties The cardinal sin many first time buy-to-let investors make when purchasing a property is critiquing it against their own desires for their next home, i.e. check listing the pros and cons of what they would like in a property that they would live in – rather than what would be the best property for rental purposes and provide a better return.

Again, speak in detail to the agents to get the advice on what properties and features attract tenants and high rents. Recruit a letting agent It is the lettings agent’s job to achieve the highest possible rent for your property, and the most suitable tenants for you. Also the agent will manage the day to day running of the property. It is time consuming dealing with the day to day issues that may arise – some of the common issues are faults with appliances.

A letting agent will also manage the formalities by making sure the tenants deposit is paid into the tenancy deposit schemes, find suitable tenants and check references from employers, previous landlords and bank statements.

It is vital that you pick the best agent to manage your property as there are many available, the necessary criteria are experience, enthusiasm, services offered and available to you.

To speak to your local Countywide Residential Lettings agent about the buy-to-let opportunities, please call your local branch on 01926 330435 or email [email protected]