Are you thinking about joining the buy-to-let market?
Before you dive in at the deep end, Space Property has gathered advice to help you on your journey to becoming a landlord.
1. Connect with other Landlords
A great way to decide if becoming a landlord is the right venture for you is to consider joining the National Landlords Association. This way you can meet other landlords and letting agents and make connections.
2. Location, Location, Location!
If you’re investing in property consider the area you’re buying property in carefully, keeping an eye out for up-and-coming areas.
Available properties in catchment areas for schools are always going to be lucrative as demand is high. In Yorkshire, many areas near Leeds and York are fiercely sought after, so do your research!
3. Buy-to-let Mortgages
A buy-to-let mortgage is specifically to fund a property that will be rented out, which the borrower does not occupy.
Lenders will asses the potential rental income as your primary income source; some lenders may consider your personal income.
Remember – different lenders asses in slightly different ways so it’s important to compare all that is available to you. Use price comparison sites and visit different lenders to ensure you are getting the best deal for your property.
4. Legal Responsibilities
Becoming a landlord means you will have to consider legislation that may be alien to you.
You have a legal obligation to make sure your property meets safety standards. This includes Gas Safety, Fire Safety and Electrical Safety. You must check these areas’ regularly to avoid any issues.
Since 2008, it has been required to provide tenants with an Energy Performance Certificate (EPC). Search online for an accredited Domestic Energy Assessor, who can complete and advise you on your EPC.
For more information on your legal requirements visit the Government site on:
5. Stress-free Landlord Services from Space Property
Found your perfect property? Here at Space Property, we offer two great landlord services. These fall into two main categories – Let Only or Fully Managed.
Our Let Only service includes many fantastic services, covering legislation, advertising and security checks on tenants.
If you’re after a completely stress free landlord experience, our Fully Managed service includes additional services such as; registry with a tenancy deposit scheme, collection of monthly rent and co-ordinating maintenance.
For more information on what these services can do for you, visit:
Or contact the team on 0113 825 6777
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