Top Tips for New Buy To Let Landlords

Published on: 25 Jul, 2012
Updated on: 4 Aug, 2012

By Patricia Woodbridge,

Director, Seymours Letting and Management Services

In the second of a three part series on buying property to let Patricia gives her top tips to new landlords who want to to buy to let. For other articles in this series see the ‘Property Features’ section under Ads-Property.

Patricia Woodbridge, Seymours Director

Now is a seriously good time to consider investing in property to rent out. In the 20 years I have been involved in letting and management services in Surrey, there have been few better moments to consider becoming a landlord. Here are my top tips:

Tip 1. Location is all-important. People usually want to be somewhere central in a town, close to the shops, restaurants, cinemas and theatres.

Tip 2. By choosing a good location you will increase the chance of occupancy and a steady, unbroken stream of rental income.

Tip 3. Buy somewhere in excellent condition that looks attractive, and will increase in value. First impressions are everything and a tatty, run-down property will be difficult to rent out and potentially attract tenants, who don’t respect it. How can they, if you don’t?

Tip 4. Remember, good tenants are essential as they will treat your property with respect and cause few rent or social problems.

Tip 5. Another way of securing good tenants is by rigorous checks on them before offering any lease. This means talking to banks, employers and previous landlords for references, so you minimise the risk of nasty surprises.

Tip 6. Carry out quarterly checks on your property to ensure it is kept in an orderly fashion.

Tip 7. If you simply don’t have the time to do all the administration and legwork like organising repairs and refurbishing yourself, make sure you appoint a reputable letting agent who is a member of ARLA. This is the official trade body, which insists on the highest standards from its members. The Association of Residential Letting Agents website is very helpful and it is worth visiting www.arla.co.uk/information/landlords.

Tip 8. All repairs, refurbishment and your buy-to-let mortgage are allowable against tax, and, if you do appoint a letting agent, then their fee is also deductible.

Tip 9. For legal reasons ensure that you know precisely what your responsibilities are as a landlord to avoid any legal action from tenants or their families, should they come to harm in your property due to faulty gas or electrics.

Next week, in the third and final part in this series of articles Patricia will detail the obligations of anyone about to become a landlord..

Patricia Woodbridge can be contacted on Tel. (01483) 45 77 22 or at info@seymours-letting.co.uk . And Seymours Letting & Management Services Ltd are at www.seymours-letting.co.uk.