DO Seek the advice of a letting agent who understands the local market.
DO Budget for every eventuality. Make sure that the gross rent will cover all your costs and borrowings. Also, be aware that void periods when the dwelling is empty are a possibility and factor them in.
DO Make sure that your buy to let property is furnished to a high enough standard to attract the best tenants. This includes kitchens and bathrooms, both of which are essential to letting out a house.
DO Maintain the high standard of repair by managing your property well. Be aware of when tenants are looking to move out, and make sure you repair any problems quickly in order to avoid empty periods.
DO Make sure that your letting agent is registered with ARLA.
DON’T Let your personal tastes affect your choice of property. I is essential that your property meets all market requirements and is attractive to a wide range of people who live in the surrounding area.
DON’T Purchase a property that has large maintenance requirements, particularly if it does not add to the property’s rental attraction. Anything that constantly costs money to maintain must be considered carefully.
DON’T Be fooled into thinking that running a buy to let property will be east. Being a private landlord is a time-consuming task, and tenants need a management service on call constantly.
DON’T Try to write a tenancy agreement yourself, unless you are very experienced. It is necessary to provide an inventory and condition report before a tenant moves in.
DON’T Furnish your buy to let property with cheap second hand furniture. As well as being unattractive to many tenants, it is possible that this type of furnishing will contravene some legislation.