Finding the right property

Finding a property can be easy, but finding the right rental property that is attractive to tenants can be difficult. You'll have to think what will appeal to them and put aside your personal preferences.

The key to success is to DO research!!

The following checklist indicates the types of things you should consider when finding a property:

• Work out your budget - beware of all the costs involved
• Find a buy to let mortgage lender. It is important to state that you are buying a property to let. If you fail to do so, it could be construed that you are attempting to acquire finance under false pretences.
• Choose an area you are familiar with, preferably close to home
• Look at the house prices in your chosen area
• Think about the types of tenants you want to deal with and think about the types of property they would want to rent, i.e. will a family want to be near good schools, parks? Will young people be looking for a property near good transport and/or near to local amenities?
• Look at local press and/or talk to lettings agents to find out:
  • Is there a rental market in the area you want to buy in, what areas are popular?
  • What types of properties are available to let?
  • What type of property is popular?
  • Type of rental income for that area, ensuring it will cover your costs such as mortgage repayments, insurance and so on.
• Make appointments to view rental properties in the area to check out the competition and identify the standard
• Think about if you were unable to let the property, would it be easy to resell?
• Speak to the local authority to see if there are any plans for that area. Any development may have a positive or negative effect on future rentals and/or the possible capital appreciation of that property
• Speak to universities, large employers, housing authorities to see if they have a need for rental properties
• Identify how much refurbishment and maintenance the property will need prior to letting and after.