There is no doubt that rental demand is at an all-time high. So we have compiled a short-guide to make sure that your buy-to-let property will give you maximum return as a landlord and also some advice for tenants over the coming year.
Tips for landlords
It is vital for you to know the market, investigate rent levels and tenant demand in the areas you are thinking of investing in a buy-to-let property. At Intercounty we have 26 branches throughout the UK and we would be able to give you advice on the best possible investments for any portfolio.
From an investment point-of-view it is always advisable to buy properties where you can add value, by improving kitchens or bathrooms, or by adding an extra bedroom, you could potentially increase your investment.
Make sure that you are fully covered by insurance, particularly rent indemnity which will cover you even if your tenant defaults.
Tips for tenants
In today's economic climate make sure that you have carefully considered any decision to terminate your tenancy contract, as you might not find an alternative rental property. News this week revealed that in some areas of London, people are having to put in closed bids to secure rental properties.
Rental prices are expected to increase this year, so you will probably need to budget for an increase when your agreement ends.
You will need to make sure that you have adequate content insurance for your rental property.
It's standard practice for a tenant to provide a Security Deposit of at least one and a half months rent, which is refundable at the end of the tenancy. It is now law that all deposits have to be deposited with one of three officially approved schemes.
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