Elite Letting Solutions
Elite Letting Solutions
Elite Letting Solutions
Elite Letting Solutions
Elite Letting Solutions
Elite Letting Solutions
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Elite Letting Solutions
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Top ten tips for would-be landlords
  People considering buying a property to let must bear a few important things in mind and the National Association of Estate Agents (NAEA) has compiled a list of the top ten.

There appears to be a lot of conversation about where the best places to invest in buy-to-let are and who is planning to become a landlord next. But buying property to rent is quite different from purchasing a family home and there could be some obstacles to overcome first.

Do some research
Carrying out some investigation into the local market is vital in highlighting where the biggest demand lies. Research can help combat financial any practical hazards that could crop up, but a local NAEA estate or letting agent will be able to advise on any issues surrounding buy-to-let.

Know the demand
Buying in an area with little demand for rental homes is a surprisingly common mistake and it can be a fatal one for the investor. Potential landlords must not be misled by previous tales of quick profits and they should avoid any area that is saturated with similar properties to that in their own portfolio.

Understand your finances
Do you want to make a capital gain on your property? Or would you be satisfied with a regular monthly income? Making a decision on what is required from the investment will help highlight which mortgage is required, as well as the location for the property to let.

Buy carefully
An apparent bargain might end up sapping finances quicker than it can provide a return, so investors must choose a property with room for a sufficient profit margin. The cost of major repairs can spiral and take time, so paying more for a better dwelling in the first place could be a wise move.

Decorate to demand
Keep the potential market in mind when choosing wall colours and furniture. A self-indulgent decorating spree could prove counter-productive when a tenant is in search of clean lines. Remember you are trying to make money out of the property and it is not a dolls' house.

Check for safety
By law you must ensure the property complies with various safety regulations. Furniture and soft furnishings must be fitted to sufficient fire standards, while gas and electrical equipment is also subject to precautions and the house must have smoke detectors. Certificates will also need to be produced to prove regulations have been met.

Landlords need to be aware of new and updated regulations as and when they arise. Failure to comply with the law can result in serious consequences. Using an NAEA agent can make investors aware of changes, as well as ensuring properties fall within the remit of the guidelines.

Know your responsibilities
Tenants, landlords and letting agents have different responsibilities when it comes to rental homes and it is important to know where they lie. Landlords are expected to pay for buildings insurance, service charges and ground rent and items left in the property must be insured. The appointed letting agent can highlight other responsibilities that are required as part of the contract.

Prepare for voids
Forward planning for times when a property is empty is vital to minimising the effects of a void, as the dwelling will not generate any income when it is unoccupied. Advertising for new tenants, replacing carpets and redecorating can all take months off the lettings calendar, so landlords must have a plan in place for these periods.

Move with the market
If other homes to rent have lowered their prices, you will have to do the same in order to remain competitive, no matter how desirable the property. People investing for the long-term should not be affected by market fluctuations, as the most important thing is that the house is generating an income.

Recruit a managing or letting agent
Being a landlord is a full-time responsibility, 365 days a year, so friends and family are not best placed to take over when necessary. A good agent will help navigate the minefield of where to advertise, how to vet tenants and the type of lease that should be in place. They will be affiliated with the NAEA and can help find suitable tenants, carry out background checks, draw up the lease, collect rent and inspect the property, removing much of the perceived hassle involved with homes to rent.

 
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