In the current market with rents increasing and a huge demand for properties, now is a good time for people to become landlords. Either by renting a property out or investing in a buy to let, it can be quite daunting if you are a first-time landlord. When looking to rent a property out or buying an investment property, there are few things to think about.
You need to ask yourself who would want to live in the property. If it is a 2/3 bedroom house, it would most likely be a family. If it is a one bedroom apartment near a town centre, it may be suitable for a professional couple that need to commute for work.
Is the area good for rental demand? Things to consider could be is it a popular neighbourhood and are there good transport links, such as motorways or trainlines
The type of property could impact the demand. A family may wish to apply for a property with a garden space, compared to a single applicant who may prioritise an apartment closer to a town centre. Parking is high up on tenants’ requests now. If a property has a parking space, it becomes more rentable.
You will need to keep in mind the condition of the property. If the property requires a level of refurbishment, or maybe just a repaint and new carpets. To achieve a market rent, the bathroom and kitchen need to be in a good condition along with neutral décor.
By Holly Chappell, Lettings Manager
Call Holly on 01474 369368 for more help and advice on maximising the potential of your rental property.