Advice on buy-to-let investments and property management
Often investors are met with conflicting advice and it can prove difficult to decide on a property. The current lettings market does offer excellent opportunities for investors but is important to seek the correct advice from the outset right through the on-going management of your rented property.
Initial success starts with determining the right property and employing a proactive approach to property management. Here we have some useful tips that help when choosing your investment property.
Medium to long term investment
Consider your investment to be a medium to long term investment. Seek advice from a reputable agent who is familiar with both the purchase and sales market and can advise on local ‘hot spots’ and average rental yields.
Try to budget
Try to budget as much as possible. What are your expected rent and outgoings? A proactive approach to property management can help minimise outgoings over time.
What will appeal to tenants?
Look for the benefits of the property for sale which will also appeal to tenants such as: a new or well-maintained boiler; perhaps a modern kitchen and bathroom as these can often look outdated and even just a touch of fresh décor. Try not to let personal taste cloud your judgement when it comes to furnishings décor; you want your property to appeal to the widest possible market.
Any potential maintenance issues?
Look for potential maintenance issues when purchasing a property. This could be anything from replacing an older boiler; fixing windows or fittings that need repairing or just replacing items that would cost you money over time if you needed to keep fixing them.
Invest in your investment
Consider also the idea of investing in the management of your investment. To explain, don’t leave the running of your investment to someone who is not suitably qualified. Both your property and your tenants require a full management service and turning to somewhere like ESPC Lettings would offer you all of that and more.
Furnished or unfurnished?
Lastly, is your property furnished or unfurnished and which is better? This will depend on your target market. Students in a three bedroom flat for example require fully furnished properties whilst a family in a three bedroom house may require an unfurnished property. Know your target market before making this decision as it is a big deciding factor for your potential tenant.
ESPC Lettings is available to help you maximise the return on your investment. We offer a range of advice from guidance on location, projected rental returns and yields. With a proactive approach to property management bespoke to your needs we can help you decide on your investment property right through to the property management.
Orlaith Brogan is the Lettings Manager for ESPC Lettings.
Contact Orlaith at ESPC Lettings today to arrange a free 'buy-to-let' consultation by calling her on 07917 707 778 or 0131 624 8591.
Find out more about all of the services that ESPC provides when it comes to letting your property!