Dawn Clarke, director of property management and lettings at Nock Deighton, has more than 20 years’ experience in the lettings industry, and has some useful tips for would-be landlords.
“It may be something of a cliche, but it’s still very much a case of ‘location location location’ when considering a property to let,” Dawn says.
“Ideally the property needs to be local to you, so it’s easy to visit and keep an eye on, and it needs to be in an area which will appeal to the kind of tenants you want.
“For instance, if you are looking for a professional couple, buy a property close to a railway station and with good transport links, and if you would prefer a family as tenants, choose a house in the catchment area of a good school.
“Speak to a local letting agent about the demand in different areas – they will know which parts of Shropshire are more suitable than others.
“The amenities in your property’s immediate area are a big selling point for potential tenants – so being in walking distance of shops, pubs and restaurants will be a big plus point.
“It’s important to think long-term and consider the resale value of the property. Remember it’s an investment, not your own home, so buying a property which will be desirable to future buyers should you decide to sell is definitely worth doing.
“Having said that, buying the sort of home that you would like to live in yourself is not a bad way of starting out, because the chances are you will then attract the kind of tenants you want too.
“Make sure you look at the numbers. Think about the annual rental income compared with your mortgage repayments, and don’t forget to factor in service and maintenance charges.
“At the end of the day, the finances have to add up to it being a sensible investment, otherwise it won’t be worth your while.
“There are plenty of great properties out there which will be ideal buy-to-let investments, and with the right research and advice, there is no reason why you shouldn’t become a happy and successful landlord for years to come.”
For more information and advice about property management, call Dawn and her team on 01952 290163.
by Dawn Clarke (Nock Deighton)