Recent commentary has predicted that by 2016, 20 per cent of households will be living in private rented accommodation.
With buy-to-let mortgage lending becoming more accessible, continued caution surrounding stockmarket-linked products and the derisory interests rates available on deposit, more people are looking to invest in this growth market.
Purchasing property for rental is an attractive alternative but many potential new investors are worried by scare stories of damage to property and “tenants from hell”.
The reality is, of course, far from this and while bad tenants do indeed exist, careful planning can ensure landlords avoid most of the pitfalls.
Things you will need to consider include:
nWhat is the best type of property in which to invest?
nWhat returns can I expect?
nHow do I find the right tenants?
nHow do legal tenancies work?
nWhat are my legal responsibilities as a landlord?
nDo I manage the tenancy myself or employ the services of an agent?
If you are thinking of investing in the rental sector you are advised to seek independent advice first.
As an independent, specialist licensed lettings agency, Fenland Estates can offer unbiased advice on how to invest in rental property.
With an office in Long Sutton, they cover the whole of South Lincolnshire.
Specialist buy to let mortgage advice is also available from locally based Top House Mortgages who can be contacted via Fenland Estates or directly on 01945 773945
Anyone wanting to have a no obligation chat on any aspect of letting with a qualified adviser should contact Fenland Estates on 01406 363006.