With great transport links and excellent business, Stevenage is a fantastic place for buying and letting property. As you know, owning a second property or building up a portfolio of properties is extremely lucrative and also gives you additional financial stability later in life, as you have solid investments, which can be sold to generate income. However, they can generate a continual stream of income within your ownership, but there are things to consider before letting properties.
Study the letting process – To become a successful landlord, you should be well versed and have an exceptional understanding of the letting process. There is information available within the public domain to guide you, so you don’t necessarily have to learn from experience, which is beneficial, because bad experiences in property letting can be exceptionally costly. Specialist Estate Agents, such as Vincent Giddings will be able to manage the entire process on your behalf, or certainly work with you to guide you through. There’s a step by step letting process available taking you from arranging a free valuation of your property through to the responsibility of repairs when the tenant is in the property.
Knowing the local area is vital. Remember that where you choose to buy a property or the place where you already own a property may differ from the area you live in, so what tenants will that area attract. Local agents will be able to assist you, because they’ll have details of who is renting in those areas. Who do you want to attract into the property? If you’re searching to buy a property to let, then it’s preferable to research areas to buy. You may find an area where you can afford to purchase the property, but then find that potential tenants can only afford a small rental fee and only want to rent on a short term basis, which may not suit your repayments on the properties mortgage if this is applicable. These are aspects you’ll need to consider, who rents? For how long? How reliable are they? You can only determine this through general experiences within the area that again an agent will know through their experiences within different areas.
Before letting a property, you’ll need to obtain consent to let, which you’ll need consent from your mortgage lender. You’ll also need to notify any insurance companies that are connected to the property to check all aspects of insurance cover are applicable. If there’s a lease hold on the property, you’ll need to get consent from the freehold. Also, you’ll need to name all property owners within any terms and conditions and tenancy agreements.
Gas, Electricity legislation, fire safety and energy performance certificates need to be addressed. All rental properties require energy performance certificates by law. Failure to comply with gas and electricity regulations can lead landlords to heavy fines or even imprisonment, so ensure that you address. Again, an agent will have a complete guide to legislation and be able to arrange inspections and ensure that all is compliant with legislation.
For help from property searches, marketing property to tenants, property management including rental collections, inventory’s, adhering to legislation and regulations, if you’re considering property letting in Stevenage speak to Vincent Giddings today!