Buy to Let | An Investment Worth Consideration | DOMVS

 

Buy to Let

An investment worth consideration

In recent years buy to let has become a booming business, and property has always been regarded as one of the safest investments for those with the means and funds available.

Whilst there may be some risk involved, if research is carried out correctly the return can be two fold. The rental will help to cover the mortgage and you should receive capital growth on your investment. Buy to Let is not a get rich quick scheme and should be looked on as a long term investment.

  • Look at being a Landlord as a business venture. Ensure thorough research is carried out and always remember the property is a business and not your home.
  • Make sure you take advice on the best areas to purchase a property, research which properties are currently been sought by Tenants. Look at local employment and most importantly, think about the type of tenant you wish to attract.
  • Research the costs you will incur against the rental yields you will receive to ensure Buy to Let is financially viable for you.
  • Ensure you factor in ongoing repair cost, rental voids and annual safety checks. Also allow for redecoration approx. every 4 years.
  • Preparing the property To Let – take advice on what attracts tenants. Try to stick to neutral colours, again remember this is a business and not personal choice.
  • Finding the right tenant is extremely important, ensure they are fully vetted and Right to Rent checks are carried out.
  • Lettings legislation is continually changing and it is important to keep up to date to ensure your property is compliant and your tenant safe.
  • If you buy a property in need of refurbishment our Property Management team can arrange and project manage a refurbishment programme for you to enable you to carry on with your everyday life.
  • Self Managed versus Letting Agent – Do you have the time to take on the day to day workload of a rented property?
  • It has been said that 15% of your working life can be taken up by dealing with your rented property. It may therefore be more cost effective to call in the professionals to do it for you.
  • DOMVS Lettings are able to guide you through the whole process from sourcing a property, arranging the tenancy through to making sure the property is professionally managed. For further details of our services please contact Debbie Turner on 01305 757300 who will be only too pleased to assist you.