Why should a Letting Agent get involved?
Purchasing a property to let out is very different to purchasing a home to live in. Most mortgage lenders will want to know that you have been speaking to an ARLA agent for advice on ideal property to rent out. Drewery property services will be able to provide advice on the local rental market including demand for certain types of property, locations and standard of property required.
How to Buy to Let
Register your requirements with both our lettings and sales departments. Our sales department will work closely with you and our lettings team to find a suitable property to rent out. Once a property has been located our lettings department will confirm to you the present demand for the property and the likely rent that can be achieved. Advice will also be given on any decorating works required or furnishing.
Our buy to let adviser will then be able to provide you with predicted gross return rates on the selected property and put you in touch with one of our associated mortgage advisors to confirm if a buy to let mortgage can be arranged.
After Buying to Let
Drewery property services will be able to introduce and vet prospective tenants, prepare the tenancy agreement, arrange inventory and condition reports, provide rent protection, building and contents insurances plus provide a number of letting services during the tenancy depending on scale of service required. A full management service will mean the letting agent can also pay bills on behalf of the landlord, regularly inspect the property, recommending, overseeing and accounting for necessary maintenance and repair works at the property. You will be provided with regular and annual statements of account showing income and expenditure, which can be used for Tax purposes at the end of the financial year.
Can buy to let investments be protected?
There are a number of policies available to landlords which include rental protection, in the event of a defaulting tenant and for legal expenses in addition to the normal building and contents insurance.
Why Should I Use Drewery Property Services?
Finding the right letting agent is one of the main key points to making a buy to let investment successful. Drewery property services has been established SINCE 1946 and has many years of experience to advise you with. Our highly qualified staff are holders of the ARLA 2000 competency certificate and the company is a corporate members of the Association of Residential Letting Agents. All Clients’ monies are fully bonded, and we provide access to the Tenancy Deposit Scheme. We are confident that we can guide you to areas of the market offering higher yields and suggest suitable properties.
We also aim to find our Landlords reliable and professional tenants as a void property can be costly. High calibre tenants are found by our prolific advertising in many areas such as internet coverage on our web site and many other property based sites, local media advertising and referrals from our membership of ARLA and NAEA. Our long establishment in the area has provided us with a large number of professional and corporate contacts.
Further services provided by our company such as Rental Guarantee, building and content insurances and the fact that client monies are safeguarded by ARLA membership, can only help any buy to let investment succeed.
Buy to Let conclusion:
- Buying a property to let out should be looked at as a medium or long term investment and with advice from an ARLA letting agent to provide a clear picture of local market trends and demands
- Calculate all your sums correctly to ensure that the rent will cover all borrowing costs
- Ensure that the property you purchase is decorated to high standard with modern kitchen and bathrooms to attract good tenants and avoid an empty property
- Choose a property which is in public demand and not just a property you like
- Avoid property which could provide long term maintenance problems such as large gardens, woodwork or older properties
- Avoid using ‘off-the-shelf’ tenancy agreements which do not comply with recent changes to regulations and do not provide further legal notices
- Avoid furnishing every property straight away without speaking to the letting agent first and only furnish properties with modern furniture so to comply with fire regulations
Note: The information is for guidance only. The responsibility for the financial decision to Buy-to-Let can only rest with the investor. Most letting agents will not accept responsibility for the validity of investments, costs incurred or for mortgage arrangements made, although those who are also registered as financial advisers may do otherwise. It should be noted that as with any investment, returns and capital values can go down as well as up; and the investor should be fully aware of the terms and conditions applied by the chosen mortgage lender. Letting agents must present their own written terms of business for letting and managing properties.