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Buying To Let Top Ten Tips
Buying to let is considered a serious investment and should not be conducted without some equally serious research. Our top ten tips will get you on the right path to finding out all you need to know to become a seriously successful landlord. 1 -- Choose the right property Ensure the property is in an area well suited to letting. It is a good idea to take advice from local specialist letting agents on the most suitable area and types of property in demand. 2 -- Get the right mortgage A wide range of mortgages are now available for the buy-to-let sector. Seek advice from your financial advisor and take your time to consider the most appropriate mortgage for your needs. 3 -- Consider the hidden costs As the landlord you will be responsible for ensuring the maintenance of the property. Make sure that the rent covers the cost of maintenance and insurance, as well as the mortgage. 4 -- Always have some back-up Try to maintain a reserve fund, should anything go wrong. This could be tenants defaulting on rent payment, along with the resulting court fees or simply periods when the property is empty. 5 -- Choose the right letting agent You could manage the property yourself, but for the time-poor, a letting agent will manage the property for a fee of up to 15% of the gross rental income. This fee usually includes property management, finding tenants, collecting references and rents. 6 -- Put the right tenancy agreement in place Always have a tenancy agreement in place before a tenant occupies your property. Your letting agent or solicitor can help you with this. 7 -- Make sure you have the right insurance As the property owner you have the responsibility of insuring the structure of the property, including any permanent fixtures and fittings. A range of insurance policies exist specifically for the buy-to-let market. 8 -- Sort out your tax position Becoming a private landlord may affect your tax position and profits you earn from the property could be liable to capital gains tax, charged at the highest rate of income tax. Consult with your tax or financial advisor to find out the most tax-efficient way of running your buy-to-let. 9 -- Produce a detailed inventory before tenants move in If you are letting a furnished property, always make sure the tenant signs a detailed inventory of all contents. This will help safeguard against any missing or damaged items that could be uncovered when they leave. 10 -- Always get a deposit It is very important to get a deposit from your tenants before they move in. This will help to protect you against any damage caused by tenants or a default on rental payments. Don Suter is Managing Editor of the UK Property Portal (http://www.ukpropertyportal.co.uk), an online directory and magazine for UK property sales, rental, surveyors, mortgages, conveyancing, property insurance, removals, news, investment and development For more in-depth information on becoming a landlord, follow this link to read our landlord's guide to letting
MORE RESOURCES: Refined Real Estate: Unique Leschi home with lake views lists for $1,395,000 seattlerefined.com Coloradans negotiating lower fees for real estate agents with new law on horizon Colorado Public Radio Real estate mogul cautions about avoidable mistake when buying a home, explains how to avoid 'drowning' Fox Business Massachusetts real estate transactions for Hampden, Hampshire and Franklin counties May 19, 2024 edition MassLive.com Real estate transfers: May 17, 2024 RiverheadLOCAL London Real Estate Is About to Get the ‘Selling Sunset’ Treatment Hollywood Reporter Real Estate Newsletter Articles this Week: Housing Starts Increased to 1.360 million Annual Rate in April Calculated Risk Mid-May Greenwich Real Estate Market Report Greenwich Sentinel Should I Buy a House Now or Wait Until 2025: Expert Forecast Norada Real Estate Investments Dodge County Real Estate Transfers Fremont Tribune The Michael Houck Real Estate Guide for May 19 Oil City News Washington state ahead of the game as lawsuit rewrites real estate commission rules The Business Journals MCB Real Estate Revives Long-Awaited Viva White Oak Mixed-Use Project Source of the Spring STAR resource center Department of Taxation and Finance Yes, there are other coastal Delaware towns besides Rehoboth Washington Blade Revolution in real estate: How the NAR settlement is changing the game Eden Prairie Local News Dutchess County, NY real estate 2024: What's on the market for $579K Poughkeepsie Journal Baltimore real estate: 4 waterfront condos for sale The Baltimore Banner Real Estate Briefs: Lakeside homes, news condos, and more news Rough Draft Atlanta Home Prices Hit Record Highs in April 2024: Trends & Forecast Norada Real Estate Investments Innovative Leaders Vanderstraaten and Rohrman Inducted into North Texas Commercial Real Estate Hall of Fame ... dallasinnovates.com REAL ESTATE | UPDATE | Johnson Bus selling lot for new West Bend Fire Department No. 1 washingtoncountyinsider.com VIDEO | REAL ESTATE | Construction finally underway for Taco John's in West Bend, WI washingtoncountyinsider.com Oceanport's Denholtz recognized by commercial real estate organization themonmouthjournaleastern.com Routt County real estate sales at $17.6M for May 9-15 Steamboat Pilot & Today James Quinn's Data Center Advisory Expertise at JLL Drives Innovative Real Estate Solutions for Global Corporations Markets Insider Real Estate Mogul Grant Cardone Closes Largest All-Cash Multifamily Deal In South Florida This Year Yahoo Finance Here are recent property transfers up to $1.28 million St. Albans Messenger Westmoreland County Real Estate Transfers | Real Estate | latrobebulletinnews.com latrobebulletinnews.com China Says It Will Start Buying Apartments as Housing Slump Worsens The New York Times Robert Willett may be targeting female Realtors in Northeast Ohio Akron Beacon Journal Number of homes for sale in Metro Atlanta increased significantly, real estate brokerage says – WABE WABE 90.1 FM OT Real Estate Spotlight of the Week: 2115 Sheridan Place The Owensboro Times What's real estate wellness? Fortune Connecticut real estate law changed after MV Realty investigation Eyewitness News 3 Billionaire Frank McCourt raises his hand to buy TikTok Business Insider Connecticut real estate law changed after MV Realty investigation Eyewitness News 3 Ellison sues real estate broker Chad Banken over alleged schemes involving contracts for deed Star Tribune Local couple buys Pat Burrell's former Center City penthouse for 38% under original asking price Philadelphia Business Journal My Co-op Neighbor Never Pays His Maintenance on Time. Can We Make Him? 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