You may wish to buy a property as an investment opportunity and in time build up a property portfolio. Here is a brief guide to some of the things you should consider:-
You need to consider who will be leasing your property ie. Students, Professionals, Families …. This, in turn, will determine the type of property you buy and the considerations you need to make when looking at potential purchases.
You should research each area you are considering to determine what amenities are available. For instance, if you intend to lease to Students you would want to purchase property in a University area with good facilities within a reasonable distance. For families you would need to consider local schools, transport links, shopping and entertainment.
You should give due consideration to any remedial works that the property may require before rental. If these works are extensive this could limit the amount you are able to borrow from any lender.
It is recommended that you consult our property team, who will refer you to our Strategic Alliance, who can provide advice on how much rental you can expect to receive on a property.
Once you register as a Landlord you assume certain responsibilities. This includes providing your Tenant with adequate and habitable accommodation, taking all reasonable health and safety measures and respecting your Tenant’s right to privacy. You may be required to apply for an HMO Licence when renting to Students or Professionals which then determines the requirements your property must meet to allow the Licence to be issued/approved. If you are not aware of these responsibilities and fail to comply then you could face legal action. We are well versed in this process including all the legal responsibilities associated with leasing and can guide you through each step.
For further details on any aspect of leasing a property please contact us.