What’s the best advice you can give to someone
who’s considering getting on the buy-to-let
borrowing money at the moment is difficult, but if
you have come into some money and really want to invest
in B2L, the most important thing is location. Any
university town is a good idea or a town or city with
a known transient population. The demand for one bedroom
flats is very high but always ask a lettings agent
about demand. They are usually very helpful.
nearby must also be considered. Buses, trains and/or
parking are a plus. Avoid nearby pubs and clubs as
this could affect your resale potential.
In cash-strapped times like these, what should landlords
around for the best B2L mortgage. Don’t be afraid
to ask lots of questions! Also, make sure you use
a good agent who is willing to negotiate fees. They
want your business so they are ALL negotiating. Don’t
pay any hidden costs or setting up fees and do the
inventory yourself. Change agents if you think you
can do better. I just did and all my properties rents
have gone up by 20%.
What renovation projects would you recommend to a
first time landlord who wants to add value to his/her
good bathroom and kitchen can make all the difference
to letting your property. By upgrading these, you
can charge more rent and have the edge over similar
properties. In a small bathroom I always take out
the bath and put in a shower.
How important are inventories?
important. The inventory gives you peace of mind.
My flats are furnished, so if a tenant mistakenly
takes a lamp, the inventory will prove that the lamp
was there when he moved in. Even if the property is
unfurnished you can have an inventory/condition report
which will record dilapidation on all fixtures and
fittings. This can avoid disputes over the returning
of the security deposit.
you’re looking to refurbish your new property,
take Fiona’s advice and invest in a new bathroom
or kitchen. Post your job for free on RatedPeople.com
and up to three quality, local tradesmen will get
in touch to quote. Read their ratings posted by previous
customers and pick the tradesmen who’s right
for you. When the job’s been finished, don’t
forget to rate!