When buying a property to let privately

Choosing a property

Many people dream of not having to work and earning from the rent paid on their sublet. It is common belief that becoming a private landlord is an easy way of making money. However, it embeds risk, is complicated and can be time consuming. If you are planning to buy to let, the following guidelines will provide you with enough background to make wise decisions to achieve a successful results.

Consult the ARLA (Association of Residential Letting Agents - www.arla.co.uk) before looking at properties. They will be able to put you in touch with a local ARLA agent in your area. With their knowledge and resources you will be able to ascertain the supply and demand for accommodation in a chosen area. In addition they will be able to advise you on the size of property which is most in demand as well as the rent prices such properties can command.
Management services
Letting a property can be a timely process which you may or may not have to spare. If you have a full time job, taking on the responsibilities of a landlord could overstretch you. Professional Letting Agents can be employed to carry out all the duties that you as the landlord would need to do. Amongst other duties, these include finding and vetting potential tenants for the property,  writing out tenancy agreements, arranging contents insurance and collecting deposits and rent. Depending on how many of these duties you would like the agent to perform you can expect to pay them a fee of between 10 and 17.5 per cent of the gross rental income you receive.