Where to start
So, you’re considering investing in the property market as a buy to let opportunity but have no idea where to start. Well, we’ve got your back.
Keep reading for your step-by-step guide to becoming a landlord.
First things first, we would always advise you to speak to a local expert regarding the market. Our friendly team at Snowden Wilkinson would be happy to talk to you to give an insight into the lettings market which could help you ahead of your buy to let process. There is rarely a time where the lettings market is quiet, but going back to the location, you may find the demand for rental properties may be higher in certain areas or demand may be higher for certain types of property.
Once you have taken all these points into consideration it’s time to find your property. Remember you are not buying this property to live in so you need to make sure you have your investment head-on, in this scenario, it should always be 'head over heart'.
You now need to decide on a location. Location can make a great deal of impact on the amount of rent you should anticipate and the type of tenants that will be attracted to the property you chose. We have a great length of knowledge and experience, so we can go through what location would suit your needs best depending on your budget, what rent you are looking to charge, and what kind of person you would like to have living in your property.
To summarise, the key things to consider in regards to location are:
- Return on investment. What is your budget and what return are you looking for?
- What is the appetite for properties in this area?
- What would the realistic rent be on the type of property you are considering?
- What is important for people renting in this location? Think public transport, bars/ restaurants, and local amenities.
Looking for the right property
Put yourself in your tenants’ shoes and ask yourself, would you live there? If not, why not? What changes would you make? What kind of tenant do you want to live in your property? The more you care for your property, the better quality of tenant you may attract! We also find if the property is looked after, this leads to tenants doing the same, sharing respect for the property. These may only need to be small tweaks, but more desirable tenants will be drawn towards better-presented properties.
Next for the exciting part, compliance. Not a word everyone wants to hear and certainly not the most fun part of becoming a landlord but it’s something that needs to be done and done properly.
Compliance is essentially all the official documentation of checks that need to be done by law before a tenant can move in, for example, Energy Performance Certificates, Electrical Inspection Condition Reports and so on.
There is so much that needs to be done and there is a lot to understand when it comes to compliance but that’s where we come in.
With our fantastic team with years of experience in the field, we can organise and prepare all the needed compliance documents so that you don’t have to worry.
How to find the right tenant
Once your property is presented and ready to go, you need an agent to market your property and attract the best kind of tenants.
Our aim is to find the perfect tenant for the perfect house but how do we do this?
- Strict application process, all enquiries will complete a pre-application form which is reviewed ahead of arranging a viewing, so we know that an applicant is eligible for the property from the offset.
- Face-to-face viewings and detailed feedback to help you understand more about potential applicants and help with your decision.
- Our thorough referencing process with external agency checks to give you peace of mind that your new tenant has been fully screened.
- After the referencing has been passed, we do a final inspection and inventory, ensure all compliance is up to date and your property will then be ready for your tenant to move in.
We offer both managed and non-managed options for our landlords so whether you would like us to find and screen your next tenant or provide ongoing management for your property so you have a hassle-free tenancy, we have something to suit you.
Good luck with your property journey.