BUY TO LET is big business again, a low-risk but attractive investment boosted by the volatility of the stock market and low interest rates.
Landlords can double their money over the long term but this is no get-rich-quick scheme. Maximise your chances by following this 5-point guide put together by Debbie Turner, our lettings expert at DOMVS.
1. Take advice on the safest and most lucrative areas in which to buy. Research which properties are favoured by the tenants you want.
2. Take advice if you have cash. It may be a better option to buy two mortgaged properties instead of one for cash. But make sure your rent more than covers your mortgage. Factor in repair and annual safety checks and plan to redecorate every four years.
3. Stick to neutral colours, preferred by tenants. Don’t forget that property is a business, not personal choice.
4. Ask yourself: do you really want to manage your property yourself, a rolling job can take up to 15 per cent of your time?
5. If not, DOMVS will happily guide you through the whole process from finding and vetting tenants to professional property management and, of course, rent collection.
DOMVS: 31st Oct 2013 13:45:00