Thinking about becoming a Landlord?

Anthony and Lauren both have vast experience with property portfolios so The Mortgage Avenue is the perfect place to start a conversation up as to whether becoming a landlord is the right thing for you. There are so many different levels of ‘landlording’ to consider, for example, you need to decide how hands-on you’d like to be in relation to the maintenance of the property and the contact with the tenants. If you’re flirting with the idea of becoming a landlord or would love to become a property entrepreneur, come and see us for a chat, we love nothing more than to talk ‘houses’ all day!

Below are a few things to think about when looking for a buy to let property.

Be careful – Research the market to get an idea of how much demand there is for renting in the area you’re buying in. Make sure that the return on investment is a healthy figure when weighing up a property’s price against what it could be worth to rent out. Feel free to run such figures past us when you’re looking – we have several properties rented out so we know what is a good deal and what isn’t!

Think about the rental market – Don’t buy a property that you like, buy a property that the kind of tenant you want to attract will actually want to rent. Number of bedrooms, parking and garden are all key factors to consider when you’re trying to find the right kind of house to buy to suit your target tenants.

Location, location, location – The old property cliché. However, choosing the right location will make or break a buy-to-let deal. Do your research and find out what the rental market is really like in the area you’re looking at. An area with valuable properties may not be the best for you if people are unwilling to pay the rent associated with it, so weigh in a range of factors. Have a look on Rightmove and even use Facebook to research into what other similar properties are renting out for and have a look at how long they’ve been sat on the rental market for to help gauge demand.

Account for maintenance – You need to make sure you can cover all the costs of maintaining the property. Buying somewhere run-down or with a big garden will increase those maintenance costs. A modern build may have less maintenance but the list price can sometimes be inflated, so consider what tenants are likely to be willing to pay to rent your property versus the day-to-day cost of running the property. Finding the correct landlord insurance is so important when buying a BTL property. Give us a call to get a good idea of what could be included in your insurance and how much it will cost.

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