If you are thinking of moving into the rental property market as a form of long-term investment, this article is sure to help you in a few ways. As with any property acquisition, it is all about location and if you choose an area that has good amenities and is close to town, you are more likely to find suitable tenants.
Here Are a Few Tips From The Seasoned Rental Property Business Person:
Take Your Time
Rome wasn’t built in a day and you should not expect to find the perfect rental property overnight. It is a buyer’s market at present, which means there are lots of properties on the market; search with Google for ‘leading estate agents near me’ and browse the long list of agencies. When you find a property that you think fits the bill, make sure that you have your small builder to quote for the renovation required to make it a top property, which will allow you to crunch the numbers.
Partner Up With a Good Property Management Company
Without such a partner, it would be very difficult to keep up with the many liabilities that come with being a landlord, which is why you should look for a property management company. They have the resources to ensure that your tenant is always happy and when building repairs are needed, your property management has you covered.
If you need to wait for loan approval from a commercial lender, that might lead to someone else making an offer; better to use a lender such as www.ascotbridgingfinance.co.uk, who can ensure that you can make a decisive offer on a property you like. This type of loan usually means you don’t need to pay a deposit and with a 100% loan, you can go ahead and clear the bridging loan when final approval comes through.
Searching For The Right Property
If you approach several leading estate agents and give them your brief, they can look at the many properties on their books and that will give you a shortlist of properties to view. The cost of preparing the property for rent might be significant and you should calculate how long it will take to recoup your renovation costs. Of course, there is no charge for buyers when you use an estate agent, which means you won’t have any costs in that regard. Here is an interesting article that looks at how SEO can benefit the healthcare sector.
Find a Renovation Specialist
It is vital that you join forces with a good local builder, one that specialises in property renovation. You are likely to find a real bargain if the property is rundown and with a good local builder, the property will be ready for occupation sooner rather than later. You will need to enlist the services of a lawyer, should there ever be any tenancy issues.
If you are looking to acquire a property with a view to rental, we hope that the above information helps you make all of the right choices.