The lettings market recorded its strongest month in July, with voids continuing to decrease and rents rising across England.
In some parts, void periods have dropped by as much as 50% month-on-month, taking England’s average from 22 to 16 days according to Property Reporter.
Tenant demand is continuing to increase and banks have widened their range of buy-to-let options available, making it a great time to become a landlord. The amount of time rental properties are spending in void periods has dramatically reduced. The average void period in England is now 16 days, down from 22 days, a decrease of 30%. The lettings market has continued to grow from strength to strength, despite the last 16 months, performing better than June 2019, pre-pandemic.
We have put together some tips together on how to become a new landlord.
1) Understand your business
When starting a new business venture, it is important you have all the information you need before you get started. Do this right and you have the potential to secure a comfortable financial future for yourself.
Research the local market and choose the best spot in town in terms of location, demand and opportunity.
2) Learn more about the legal requirements
There are a lot of important regulations that landlords must comply with in order to protect their tenants, themselves and their properties.
Familiarising yourself with the sector will help you create an established reputation in the area, which will help you retain your tenants for longer.
3) Pick the right buy-to-let mortgage
Don’t rush into any buy-to-let mortgage. Take the time to scope out the right one for you before you make a decision.
Speak to a trusted mortgage adviser who can help you make the ultimate decision when selecting your mortgage.
4) Think about decorating for tenants
You have to remember, your property may have multiple tenants in its lifetime so you want to be able to create a blank canvas for them.
Keep neutral tones throughout, the right furnishings and a low maintenance garden if you invest in a property with one.
5) Who will be managing the day-to-day responsibilities?
This last step is the most important! You need to choose the right letting agents who will protect your investment for you, and act as the first point of contact for your tenants while overseeing all checks, changes and inspection.
To learn more about our property management services, contact us on 0800 862 0871.