You might be thinking if now is a good time to become a landlord, or if there ever is a good time - as it's a big commitment
However, we've discovered that the number of tenants looking for rentals has been significantly increasing in recent months, with demand continuing to outstrip supply.
Rental values have been continuously rising in the UK over the last several years and are currently rising at the fastest rate ever recorded.* Becoming a landlord is a great investment, as it not only provides you with a passive income, but it's also a great way to protect your assets.
So if you have been thinking about becoming a landlord, read our top tips on ensuring the process of becoming a landlord is smooth and hassle-free:
1. Find the right area
Do your research and find out what the market is like in your area and what parts of Mansfield are in high demand from tenants.
Our local property market experts can help you stay up-to-date on what's happening in the market, so get in touch today for more support.
2. Choose the right type of property
It may be tempting to purchase the cheapest property on the market as your first investment property, however, this may not be beneficial if tenants in your area aren't looking for that type of property.
From flats to detached houses, studios to 4 bedroom properties, find out what is in high demand in your area to avoid void periods and get increased returns from your investment.
3. Keep up to date with legal responsibilities
To improve the sector and benefit tenants, the government continually re-evaluates housing regulations to identify necessary changes and set minimum standard ratings.
Speaking with an established letting agent should be your first undertaking, as they will get you up to speed on what is needed to maintain compliance.
4. Check if you're eligible for a buy-to-let mortgage
Right now, property investors have a variety of funding options, with the number of specialist lenders and those offering buy-to-let mortgage deals on the rise.
Get in touch with us today and we can get you in touch with our financial service providers to discuss your buy-to-let options.
5. How ‘hands on’ do you want to be?
When starting out, it's crucial you decide how hands on you want to be, as you may want to explore a lettings package that takes care of the day-to-day concerns on your behalf.
Here at Martin & Co Mansfield, we have a range of landlord services to help you, find out more by getting in touch.
*Rightmove
