Landlords warned to think before they buy
With buy to let activity hitting an almost five-year high, it is easy to see why new and existing landlords are keen to capitalise. However solicitor and Head of GW LET, Rob Denman, advises landlords not to make snap decisions when purchasing buy to let property:
“It is easy to see why landlords are getting a little giddy with the latest figures from the CML; lenders are lending again, tenant demand remains high so therefore any kind of buy to let property will fly off the letting agent’s shelf. The truth is this kind of misconception can leave landlords up rental creek without a tenant!
“Demand may still outweigh supply but this does not guarantee tenants flocking to your door; there are, after all, still many vacant rental properties on the market.
“Not all areas are tenant hot beds so before buying a property make sure there is demand for lettings in the area. Landlords must also ensure the rent they require is achievable and appropriate to the property.
“To give yourself the best possible chance in successfully renting a property, make sure it is priced correctly, is well presented and is located in a suitable area.”
Content correct at time of publication