First-time landlords 'need to know the market'
Posted by Lucy Wooldridge
Whether it's considering which properties offer the highest potential for maximum yields, what areas benefit from the most intense demand or where to go for the cheapest buy-to-let insurance, anyone new to the lettings game has a wide range of factors that they have to take into account before investing.
Indeed, while conditions in the private rental sector are currently promising, the way in which many people are looking to take advantage of the profits that can be enjoyed could lead to competition heating up if supply catches up with demand.
So if current and aspiring landlords are to benefit from the apparent boom in the buy-to-let industry, Alex Ward, chairman of the Residential Landlords' Association, says market knowledge is vital to success.
"Do your research. Market knowledge is absolutely fundamental to buying into the private rented sector," he said.
While there are impressive yields to be had when letting property, being aware of regional variations and changing trends could be key to landlords enjoying continued profits.
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