Making the most of your buy to let property
Buy to let property is becoming more common as people seek to make their savings work harder. And whilst it may sound reasonably simple, making money from buy to let takes a great deal of effort and consideration.
So how much profit should you make? Unfortunately, we can’t answer that question, but we can give you some tips to make sure you manage your property let successfully…
Perhaps one of the most important considerations on this list. When you’re searching for rental properties in the UK, do your research and learn the market. Are two-bedroom properties in higher demand? What is the maintenance history of the property? Have you examined the home report carefully?
All of the above should be considered before you eventually decide on the right property to purchase. And if you’re buying a new-build, pick your developer carefully. Trustworthy developers with a solid track record in completions and customer service will mean that you’ve more chance of a simple and fuss-free buying process.
If you’re not buying in an area that you already know, again – make sure you do your research! What is the rental market like in the area? What is the trajectory of property prices and rental values there? Are local renters likely to be students or professionals? Answering these questions before you make that big commitment might just make the difference on the return from your investment.
It’s not an easy job, managing a rental property. But the fact of the matter is, engaging third parties to manage the maintenance and management of your property will eat into any profit you could potentially make.
Investing your time in managing your property, being organised and surrounding yourself with a good team of tradesmen and trusted suppliers will make things easier. And maximise any return that you might get!
It’s the holy grail of buy to let properties – finding a great tenant.
When you do have a good tenant, it will benefit you in the long run to recognise that fact and interact with them accordingly.
Small and simple actions can make a real difference to your tenants and keep them occupying your property for longer. Clear and friendly communication, quick resolution of any issues and quality maintenance will all go some way to extending their lease. Which saves you more time and effort in readvertising your property for rental.
To view our properties for sale across London, Manchester and York, take a look at our developments page.