Are you a first-time landlord? Exciting times are ahead! If you are currently looking for a buy to let property to kick off your portfolio it’s important to ask your estate agent some vital questions before you move forward with your purchase. Here are some questions to consider…
What is the Rental History of the Property Like?
Your estate agent will have all the information you need to make an informed decision about the property you are currently interested in. What is the rental history of the property like? Is it in a sought after area? Have there been long periods where the property has been vacant? What is the average rent for that type of property? Is it an ideal family home?
What State is the Property in?
The answer to this question will directly affect your return on investment for the property. The last thing you want is repairs and high maintenance eating into your rental profits. Is the property structurally sound? Will it require ongoing heavy maintenance? Will it need to be renovated before letting it out?
What’s Included in the Sale?
You have seen the property and have imagined it as the perfect property to rent out to tenants but will the current owners be stripping the property of the fixtures and fittings? If you will need to redecorate or refurnish, then it’s better to know it from the get go so you can factor it into your overall buy to let budget.
Ask for Paperwork
Ask for all the paperwork the estate agent holds in relation to the electrics, plumbing, boiler and drains and anything else pertaining to the property. This will tell you everything you need to know moving forwards in regards to costly repairs, maintenance or remaining compliant as a landlord in the future.
What is the Local Area Like?
This is biggie. What is the local area of your ideal property like? If you are planning to buy to let, where your property is located can make or break its popularity in the rental market. Are you close to travel and commuter links? Are there top rated schools in the area? Are there plenty of local amenities and attractions close by?
We hope our guide has given you something to think about as you begin your journey as a first time landlord with a buy to let property. If you need more guidance as you navigate the next steps, our expert team are happy to chat to talk over your options in more detail. Book an appointment with our team here.