Investing in property is a business venture which requires a great deal of research before taking the plunge.
Investing in property is a business venture which requires a great deal of research before taking the plunge.
You need to ask yourself what is important to you and what it is you wish to achieve from your investment property. Are you looking purely for rental yield? In which case 1 and 2 bedroom units are more likely to give you the best return. Or are you thinking of a larger property which is likely to give you a lower annual rental yield but greater capital growth.
Property has always been regarded as one of the safest investments available to those with the means and funds available. It is an asset that is essential, durable, easy to value and has historically delivered exceptional returns compared with other investments. The Letting Market has become more appealing to investors thanks to Buy to Let mortgages and an overall increased demand for rental properties.
Buying the right property is vital if you are to extract the maximum return from your investment. You must take advice on location, demand in the area and the rental being achieved: all of which are essential if you are to make a sound and profitable investment.
Careful consideration must also be given to the kind of Tenant you wish to attract. Having the right Tenant is equally as important as finding the property itself.
Most importantly, always remember this is a business venture and not a personal one, you are not going to be living in it.
Dress to impress
An empty property is of no benefit to any Landlord and appearances really do count. When a tenant steps into your property they will know whether or not they can see themselves living there: first impressions are key. Do not allow your property to let you down by something that could be easily fixed and will make your property more attractive to prospective Tenants.
Painting the property in neutral colours is appealing to most prospective Tenants. A light and airy colour scheme provides a versatile backdrop and makes it easier for applicants to envisage what the property would look like with their belongings in situ.
Voids periods
Void periods are financially draining, as you may have to bear the mortgage and other routine costs whilst the property is vacant.
Make sure you are not caught out and you are prepared for these events. It is sensible to have an emergency fund set aside which is not utilized for anything other than to meet such unanticipated expenses.
Ongoing repairs
A Landlords job does not end once the property is rented out; in fact it is the beginning of a long-standing relationship you will have with your Tenants. As a Landlord, you will be responsible for the repairs and maintenance requests made by your Tenant throughout the tenancy, all of which are extremely time consuming.
To be a successful Landlord requires you to be diligent whilst handling the repairs and maintenance requests made by your Tenants. Always ensure repairs are carried out in the shortest possible time. This will help you maintain a good relationship with the Tenants and helps to ensure your property is kept in excellent order.
Also remember statistics show that being a Landlord can take up to 15% of your time. Make sure you are prepared.
Safety regulations
There are a number of regulations you must adhere to as a Landlord and you must ensure you keep up-to-date with the ever changing legislation. Here are just a few that you need to be aware of:
- Gas Safety Regulations
- Electrical Regulations
- Fire & Furnishing Regulations
- Deposit Protection
- Smoke Alarm and Carbon Monoxide Detectors
- Right to Rent Checks
Why DOMVS?
There are many professionals out there, some good and some bad and contrary to the myth, all letting agents are not the same. Domvs is dedicated to offering clients the very best service available and we make no apologies for our stringent operating ethos. When it comes to looking after a property we ensure:
- Thorough management visits are carried out
- Tenants are thoroughly vetted
- Property repairs are dealt with promptly and efficiently
- Landlords are kept up to date with current legislation
- We take the stress out of awkward situations, which with due diligence can be easily resolved.
We regularly ask our clients for feedback and the main comment we receive is, ‘we care’, trite as that might sound it is genuinely true. Our reputation is of crucial importance to us and our goal is to make sure each and every one of our clients becomes a future ambassador.
