A large proportion of tenants looking to rent are young professional couples choosing to rent first before purchasing, either because they have not got the large deposit required to buy, have relocated or just started professional working careers. Larger properties tend to rent to families who have moved due to a job relocation and want to get to know the local areas first before committing to a purchase or have sold their property and wish to rent whilst taking time to find their ideal next home.
It is a good idea to always look at each property before buying as if you were a tenant considering the property to rent, most tenants for example will now give greater consideration to safety aspects of property when choosing a property to rent. A Landlord should avoid purchasing property in run down areas, places situated next to loud facilities such as pubs, night clubs etc just because the purchase price is less.
The type and age of a property tend to be unimportant as long as the property is in good condition and the layout is not unusual or too small. A tenant will normally consider the same factors when choosing a property to rent as would a person looking for a property to buy. It would therefore be advisable to look for property with fairly modern bathrooms and kitchens, decorated to a good standard and modern heating facilities.
Most tenants who contact our company are looking for good quality one or two bedroomed flats in well maintained blocks. Larger flats from our experience sometimes produce a lower rate of return and can be more difficult to let. A prospective landlord should also give consideration to the exterior appearance of the block and quality and upkeep of communal areas. Research should also be made into the cost of maintenance charged by the freeholder or managing agent and details of any forthcoming maintenance projects to the block.
Small properties on modern developments are also an ideal investment but might have to mature before greater returns are achieved. Other properties such as larger homes will let but often do not provide the on going high returns most investors are looking for.
Our company offers a Free buy to let consultation to anyone who is considering becoming a landlord which aims to provide valuable information on the local lettings market including potential rents, current demands and predicted returns. Please contact us on 020 8269 6600 or email me firstname.lastname@example.org if you would like to come in and have a chat over a coffe.
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Paul Long (Director & Author of The Sidcup Property Blog)