Landlord 101: Finding The Perfect Rental Property In The Current Market
2022 marks the highest rise in property prices since 1982, making homeownership merely a dream for people up and down the country. Because of this, more individuals and families are looking into renting as another option, or to tie them over until something becomes available.
Investing in rental property is a great way to make money. You can work independently to create, manage and let homes to families and individuals in your local area.
But it can be hard knowing where to start.
Even if you’re an experienced landlord, there can be surges in purchases, making it much harder to get another property to add to your portfolio.
If you’re just getting on the property ladder, you may not know what to look for and where to go for help.
Keep reading this comprehensive guide for tips and tricks on how to find the right rental property for you and your portfolio.
Is the property in good condition?
When it comes to landlords, there are two different types. Ones who like a property that only needs a lick of paint, and others who want to completely renovate the space into something new.
If you like to strip everything back and start again, the condition isn’t the most important part. But if you want to get tenants in as soon as possible, it’s a good idea to look into properties that don’t need much work.
The longer it takes to renovate, the longer it will be before tenants can move in. This also means an increase in rental prices, which could put off those who come for a viewing.
Choosing a house or flat that needs little to no maintenance reduces how much assistance they’ll need during their tenancy, so you can spend more time building your portfolio.
What type of property is it?
The type of property will dictate the type of tenants you have. Larger houses with 3-5 bedrooms are more suited to families, whereas flats central to the city can be easily targeted at young people wanting to experience a new area.
You need to take this into account during your search and think about what can ultimately make you more money in the long run.
Have a think about what type of landlord you want to be before you purchase a property. Specialising in a certain type of property, e.g. flats in Manchester city centre, gives you the niche tenants find attractive – focusing on a property type shows prospective renters that you know what you’re doing and can be trusted.
Choose the right area
It may sound like a simple note to end on, but it’s important to do your research on the area of the property you’re purchasing.
Things like schools, access to parks and restaurants and sufficient transport links are always on the list of tenants on the hunt for a new rental property.
Looking into up-and-coming areas that are high in demand is the perfect starting point. This will make it much easier to advertise, especially if you’re offering lower prices than other landlords.
Calculate the percentage of rent return compared to your mortgage rate to figure out if you can offer this.
Get in touch with EasyLet Residential today
We pride ourselves on our team of experts who have spent years building up their knowledge on rental properties.
Not only do we provide help and advice to both landlords and tenants, but we also like to keep ourselves updated on any changes in the rental world. This gives us an insight into property trends, which helps us help you.
If you have questions about finding the perfect rental property in the current market, don’t hesitate to get in touch with us today. To speak to us directly, call us on 01925 633011. If you prefer, you can email your questions to [email protected] and one of our team will be in touch as soon as a property that meets your needs becomes available.