Buying to Let - Advice for Prospective Landlords
Category Newsletter
If you're thinking about purchasing a property to let out, there are a number of important factors to consider before putting it up for rent.
We've put some tips together to ensure you understand your responsibilities as a landlord, know how to protect your property, and keep your tenants' content.
Do your research
Take a look at similar properties to yours in your local area and find out how much they are being let for per month.
If your rental amount is set too high, prospective tenants will avoid the property. Think about who your property would be suitable for - young families, students, single professionals? A property rental agent will be able to help advise on this. Your rental specialist will additionally assist in setting a competitive price and aim to keep it occupied at all times to minimise vacant periods.
Make sure your property is lettable
Before letting out a property, owners need to verify that it is in good working order and will be appealing to prospective tenants. Take care of general maintenance such as ensuring that the plumbing and electrical points all work. Things like leaky roofs, built-in appliances and cupboard doors should also be in good working order
The Costs
Prior to renting out an investment property there are costs that you, as a real estate investor, have to keep in mind. Property management, maintenance, tax implications, and insurance are among the things to look out for. Conducting thorough research and being informed on these costs will avoid any hidden financial implications and challenges, ensuring a successful rental process.
Considering letting out your property? Contact us for knowledgeable advice and rental assistance. 031 566 5416
Author: Prime Property Marketing
