Buying Property To Let? Know The Basics
Are you thinking of buying property in London to let
? Do some basic research and prepare well before you actually buy the property. It may not be an easy job, especially for a first timer, but property agents can help.
London residential estate agents can help you through the entire process. They will not only help you find a good property, they will also help with the financial, legal and all other aspects related to buying and renting out the property.
Plan your finances first. You must have a clear idea of how much money you can afford as repayment for mortgage. Expenses included while buying a house include deposit, stamp duty, survey charges, Land Registry fee, conveyancing solicitors fee, mortgage advisors fee, building insurance, maintenance costs etc. Make sure that you have enough savings to cover all these costs.
After this you can calculate how much you should borrow so that you can repay the mortgage in a smooth manner. Take into account your present as well as future needs. Residential estate agents in London are well aware of all these calculations and can help you find a dependable mortgage lender.
If you know the type of tenants you want to attract, ask your residential estate agent in London to look for properties which will suit them. Single people, young couples, large families, students, working professionals from overseas, all have different needs when it comes to renting out a property to live in.
Your agent will scout the area and then arrange for you to have look at the properties. If you like the property, you can proceed to buying it. Your agent will help you with all the legal formalities so that you can rent the property out as early as possible. Your conveyancing solicitor will carry out the legal process of buying the property and then you become the owner.
Once you have bought the property, make sure that all the repairs needed are carried out promptly. Also check that electrical appliances and gas supply are in place. If providing furniture and fixtures make sure they meet standard requirements regarding fire safety. Do not spend too much on the decoration because your tenants might not have the same choices as you do and your money and effort might go to waste.
Keep in mind that you as the landlord are responsible for the maintenance of the property and furniture, if you provide it. The rent you charge should be enough to cover your costs as well make some profit. It might be a few months before you can let the property out if the letting market is slow. Moreover, your prospective tenants might be considering other properties also. So they might take some time to decide.
You may choose to have a contract with your residential estate agent in London to manage the property on your behalf. He will then be responsible for finding tenants, checking their references, writing tenancy agreements, collecting rent and taking care of maintenance and any other problems.
If you have been thinking about buying and letting a property, get in touch with a reputed London residential agent who will help you move things along, without you breaking a sweat.
by: Anupa22
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