Top 10 Tips on Buying Property to Rent

With the market being the way it is and more and more people turning to renting to weather the current economic crisis, it’s never been a better time to buy property to rent. Now with property management firms showing record occupancy levels for their rental properties there is a larger market available out there for you to rent your investment out. Here are top 10 tips to buying property to rent.

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  1. Make sure you find the best area to buy your property. Letting agents and estate agents can help you out with choosing the right property in the area that is right for you.
  2. Once you have spoke to the letting agents and estate agents now would be a good time to get some viewing done. This with give you a feel of the market and what kind of property you can expect for your budget.
  3. If you have a financial advisor (if you don’t you should) as this free service that can give you an idea about your mortgage and what options are open to you. Make sure you also talk to plenty of different lenders to get the best deal.
  4. You have now found a property that you want to buy. Make sure you put in an offer early and start low you can always increase your offer if it’s refused as this may result in you getting a bargain.
  5. Once your offer is successful you need to speak to your solicitor to make sure all the relevant paperwork is in order.
  6. You will now need to get a survey and a proper valuation of the property this does mean more expenses for you but are essential.
  7. Are you going to manage the property yourself? Or are you going to hire a letting agent to do it for you? These are questions you need to answer both methods have their pros and cons.
  8. It is more than likely that the property needs work done so get the builders in and make sure you keep a record of every penny spend.
  9. Are you renting it furnished? Then make sure you buy the right kind of furniture and try and not let your taste influence your decision.
  10. Make sure your tenets have the proper contract and make sure they understand what the contract entails.

vivek

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