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Is buy to let right for you?

Lettings Guides TPPUK 19th June 2017

Learn more about buy to let

What are some of the key factors to take into consideration if you are looking to invest in property and become a landlord?

We can help you with your research which is vital but first and foremost you need to treat a property as a business venture, remembering to focus on the practicalities but also understand that the figures must stack up.

 

Here are some top tips from tppuk.com:

The Market

  • Conduct research into the local buy to let market
  • Explore and discuss with our property investment specialists where would be the most profitable return on your investment.
  • Naturally interest rates may rise and fall and this must be considered for an example comparing to a higher rate savings account.
  • Remember that once a property is acquired unlike stocks and shares you need to look at property in the long term as it can take several months for you to sell and complete if you wish to offload the property and likewise you need to look at a 10 year plus investment for capital growth.
  • Consider all of the risks involves with buy to let investment market.

The budget.

  • At the outset you should set yourself a budget and stay to it.
  • It is quite common for experienced landlords to set themselves a ‘sinking fund’ this is a maintenance budget fund for things like boiler repairs, redecorating between tenants, etc.
  • You’ll need to factor in unforeseen expenses such as emergency plumbing or drainage problems.
  • Be prepared for void periods or initial delay in getting a tenant.
  • Make sure that you employ the use of a licensed letting agent who is a member of the Guild of The Property Professionals, ARLA and is registered with Rent Smart Wales (In Wales).
  • Remember rental income is treated as unearned income and therefore is taxable and you will need to take the advice of an accountant or self-assessment tax returns. 
  • Don’t forget to factor in stamp duty fees, they are important elements to take into consideration on your buy to let purchase.

The Mortgage

  • Check out our top tips on Buy to Let mortgages.


Tenancy Deposits

  • We typically let properties on an Assured Shorthold Tenancy basis which is quite common in Wales and England.  All deposits held on properties need to be held into a tenancy deposit protection schemes.  Our letting specialists can advise you on the protection scheme that we use to hold deposits on tenancies. All deposits must be lodges within 30 days of receiving it.

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