We have many landlords who have built up a buy-to-let portfolio worth hundreds of thousands. 2017 was an excellent year for this sector in Bath, however, it’s vital you buy the right properties and ensure they are managed properly to reap the rewards. Here are some of our top tips for success:
Try and keep your properties in one area… Don’t have them dotted around the country. This will save you a lot of travel time and having to deal with varied property markets and multiple letting agents.
Buy something that is lettable… You need to find out what type of property is letting quickly, and where, to ensure you get the best rate of return on your money.
Choose the right location… Like with anywhere, an area is made up of micro markets. So you need to understand which areas in Bath are performing the best. Also find out what areas are popular with tenants, and where you’ll find the good quality ones.
Ask the right questions on viewings… You need to be aware of any potential problems that may occur once your tenants have moved in – as it will cost you to fix them. Broken boilers, damp issues, wiring… don’t be afraid to ask if everything is in working order.
When making an offer, be strategic… As you come with no chain, the sale can move along quickly – this is of value to a seller. If they refuse to negotiate on price, walk away. You’ll soon find something else.
Choose a good agent to let out your property… Do your research and choose a company that truly understands their local market, and are experienced in marketing your type of property.
And if you can afford to, use a letting agent’s Property Management service…
Last year, the NLA reported that the proportion of landlords they surveyed using a letting agent rose by seven per cent in twelve months – far higher than the relatively stable increase of 1% we’ve seen over recent years. We believe landlords are seeking a professional shoulder to lean on due to recent changes to buy-to-let taxation and plans for a ban on tenant fees. The vast majority of letting agents are true experts in their field and so their expertise is invaluable to those who require professional advice and reassurance, in order to reduce stress levels and achieve long-term financial success.