Becoming a landlord isn’t as easy as it seems. As we have seen so many novice buy-to-let investors making common mistakes with their portfolios, we have produced this simple five-point to becoming a landlord for the first time.
- Location and researching the area is the first and most important thing you can do before purchasing a buy-to-let property.
- Do your homework on suitable mortgage products. It is important to shop around as the lenders have become increasingly interested in this section of the market, causing fees to rise.
- Make sure you are properly insured. All landlord insurance should cover third party liability, ensuring any damage caused to the property by the tenants is covered.
- There are two options open to you when it comes to managing your buy-to-let property: pay a management company to do it for you, or do it yourself. Talk to us.
- Finally, you need to choose the right tenants. Finding the right tenants is all about matching the tenant to the property.