5 Tips for buy to let

Buy to let properties are properties that are purchased to be rented out by their investor for the sole intention of creating an income. Before you get started with your new business endeavour, there are a few things to consider:

1. Can you afford it?

Renting out a property means taking out a buy to let mortgage. A mortgage means interest rates and repayment fees, at least. You should also factor in solicitorsb costs, maintenance costs for the property, and the possibility of an irregular income from the property.

2. Do you have spare time?

Being a landlord means looking after the wellbeing of your tenants in regard to the upkeep of the property. If your tenant calls you with a maintenance issue, no matter what time of day, itbs your duty to respond to that call.

3. Get the best mortgage

Your current financial provider might not be the best one to provide your buy to let mortgage. In this case, try comparing other mortgages from lending sites and seeing how they match up to each other.

4. Look into insurances

Youbll need specialist insurance for your property, particularly building and contents insurance. The insurance has to be for a buy to let property, not a residential one, otherwise losses wonbt be covered.

5. Legalising

Ensure that you get a valid tenancy agreement signed before your tenant moves in, and have a professional draw the contract up to ensure that your tenant doesnbt get rights to the property that you didnbt mean for them to have.