CHOOSING BUY TO LET RENTAL PROPERTY
As the spring finally arrives, it could be time to consider expanding or starting your rental portfolio, and the question most commonly asked at Martin & Co (Whitley Bay) is where to buy and here are a couple of tips for deciding where to buy:
DECIDE UPON ATTRACTIVE AREAS TO RENT
Attractive doesn't always mean pretty, nor expensive, or even cheap. It's not worth picking up a bargain if nobody wants to rent in that area. What our experience and tenants are telling us, is that the location factors into their decision to rent the property more than the property itself in most cases.
What amenities are there in the local area? Is it close to a Metro Station or regular bus links? Are there decent shops nearby? What are the local schools like?
While all this may seem like common sense, when faced with what seems like a bargain, is is easy to overlook these basic facts, regardless of the physical appeal to a particular property.
With this in mind - recent activity is showing a high trend towards family housing and apartments for young professional people, looking for properties in the coastal area, but still close to all local amentieis, shops and metro stations.
WHAT SORT OF TENANTS WOULD YOU LIKE TO ATTRACT?
A common error when decorating and furnishing a property is to create the sort of place you can imagine yourself wanting to rent or purchasing a property you would consider buying for yourself. This may not always be the right approach as the second most important factor when looking at a property to buy-to-let is what sort of tenants are you looking to attract?
Just because you have found a good area to buy in - you may find the property you are looking to buy may be perfect for a young professional couple but doesn't fit in with the area very well - such as a modern 2 bedroomed flat ideal for professional people close to a good school, but lacking in local shops and access to the city centre.
TALK TO A DEDICATED LETTINGS AGENT
At Martin & Co (Whitley Bay), we are more than happy to discuss any properties you might be interested in buying. As we are a Letting Agency and independent from sales agencies, we are not looking to get you to buy a property through us - we just offer good advice on properties we know will grant you a good yield.
It costs you nothing - and we are more than happy to visit you at your newly purchased property and offer our opinion on rental income, decor and refurbishment to appeal to the greatest number of potential applicants looking to rent in that area.
Call our office on 0191 2535666 and speak to Jenni Critchlow our Area Lettings Manager, or a member of our team, who will be only to happy to discuss all the aspects of letting out your property, or e-mail us on firstname.lastname@example.org