What makes a good buy to let property? Here are a few things to consider when you are looking for a property.
Location, location, location: It is all-important when you are considering the type of tenant you want. People want a quiet spot, near to the shops or schools with good transport links.
Then you’ve got to consider your potential property’s location with regards the local rental market. Make sure there is a demand for rental properties – it’s no use buying the perfect rental property if there’s no market for it nearby.
What’s the right type? While most good quality properties can be rented out, there are some that suit the UK’s rental market better – 1, 2 & 3 bed flats and houses.
These are the most likely to get good rental returns over a long period. If you’re going for a 2-bed property, make sure the bedrooms are of roughly equal size. New builds are a good option, as they require less maintenance than older or period properties. But check what’s included in the building and how it’ll affect your bottom lines. Features like a parking space and garden may appeal to some but not all. A low-maintenance garden is also better as some tenants aren’t green-fingered.
What condition is it in? Many new rental properties are being built specifically for the rental market and so will be smart, modern, and in good condition.
There is still room in the market for you to buy a property that needs a bit of work, but opt for a property to which you can easily add value – something that’s a bit rough around the edges but a bit of elbow grease could get looking good. Neutral is always best so if there are bold blue carpets or red walls, decorate. Long-term tenants love a property they can make into a home so keep things as clean, tidy, modern, and neutral as possible and your rental will be in high demand.
Last but not least: choose a good property management agent to work with. One that treats your rental like their own and offers various levels of management service to suit your circumstances.
