London Landlords: Five Tips to Make Life Easier
Investing in bricks and mortars has always been seen as a safe option. Property prices are certainly outpacing inflation and wage rises. And more people are now having to rent rather than buy. So a buy-to-let investment in London could be a good way to make money both from the income you will receive and the property itself when you choose to sell. How do you know the right way to become a London landlord?
Choose Your Location Wisely
Knowing where to buy is the key. Think about the type of property you can afford – apartments or houses – and then decide on the type of tenant you want. This will make a difference to where you buy. Some areas will be more popular with students, families may prefer the suburbs and City workers like to stay central because of the long hours they work.
Use the Professionals
If you are new to the industry, do not try to do it all yourself. Using a reputable letting agent to manage your property could be the way forward. These experts will know the area, have the contacts, know all the rules and regulations and help you stand out from the crowd. They will have the marketing skills to find the right tenants quickly.
Start Small But Think Big
It is likely that most rental properties will be in the hands of institutional and large investors. But you can still build a decent portfolio. Start small while you find your bearings. Once you have a clearer understanding of the market and future predictions of how it may change, you may want to expand.
You will need specialist landlord insurance, as your general policy will not cover you. Some policies will include things such as non-payment of rent or rehousing tenants if your house is uninhabitable because of an accident, for example. Look for cheap landlords insurance from https://brokersdirect.co.uk/?product=landlords-insurance to get an idea of costs and what it covers.
Read the Rule Book
Make sure your house is fit for purpose. It will need to meet safety regulations such as having smoke alarms and carbon monoxide alarms. Furnishings will need to be fire-safe and appliances electrically sound. You will also need electrical and gas certificates. If you use an agent, they can help you.