Buy to Let, how and where do I start?
More buy to let purchasers registered with our branch network in the first three months of 2014 compared to the entire 12 months of 2013!
Increasing numbers of people have become disillusioned with the returns offered on their savings over recent years. More recently with changes in Government legislation now enabling people to cash in on their pension pots, it is no surprise that there has been a huge interest in the buy-to-let market.
However, it is natural for many to have a fear of the unknown especially when investing their own savings in such a venture. It is important that would be landlords receive sound advice at the outset, and once a suitable property has been acquired to rent out, they use a reputable letting agent who is qualified and equipped to handle matters effectively on their behalf.
Here are some important points for would be landlords to follow:
Always use a “regulated” letting agent. This ensures that deposit monies received and rental payments processed by the agent are automatically protected similar to ABTA within the travel industry. Unfortunately “unregulated” letting agents offer no such guarantees.
- Beresfords are a member firm of ARLA the professional body who regulate the lettings industry. All member firms have to adhere to a strict code of professional conduct so prior to dealing with any letting agent, potential landlords should ensure they are ARLA regulated.
- It is not about proceeding with the first tenant that shows some interest, but more so sourcing those who are most suitable. Beresfords use a specialist referencing company to undertake detailed checks on any potential tenants and would not recommend them unless they pass our strict referencing criteria. Some agents referencing is not comprehensive and many will recommend the first tenants who show an interest, just to secure the business.
- During a tenancy it is important that regular internal inspections of the property take place so as to ensure that tenants are looking after it. Beresfords employ their own Inventory Clerks who will prepare a detailed condition report of the property just prior to the tenancy commencing. This will protect the landlord in the event of a dispute at a later date. The same individuals will also visit the property every few months and report back on their findings to the landlord on every occasion.
- Although very rare, some tenants default on their rental payments for all sorts of reasons. The important thing is that a landlord is not financially out of pocket where such instances arise. Beresfords offer a unique rental warranty that will pay a landlord their rent in full for a predefined period, despite the fact that their tenants may have defaulted on their monthly payments.
- Throughout a tenancy, our dedicated Property Management Team deal with everything on a landlord’s behalf. Many of our clients lead busy lives and do not have the time or inclination to deal with ongoing issues themselves.
Wherever possible, Beresfords aim to make the process of being a landlord as seamless as possible. Having been dealing in local property for more than 45 years, we are capable of looking after the interests of our clients who come from all walks of life. Many own single property investments, whilst some are landlords with large portfolios.
Our service is personalised to suit the individual requirements of every client. We can help source suitable properties for this purpose and assist throughout the entire process. Should you have an interest in investing in this sector of the property market, why not contact our Buy-to-Let Team to arrange a free consultation.
In the meantime, here’s an example of a potential Buy to Let property currently available through Beresfords.
For more properties, click here.