Firstly, it is important you select a property that offers capital growth. So, select a property where you expect prices to rise, furthermore it is useful to add value. The key however, is to buy at the right price. Seek advice from an experienced agent and do you own research of the market.
Ensure the property will provide a steady rental income. To do this you need to price your rental property to attract the correct market audience and suit the demographics of your area. It is critical to minimize the void periods. Be flexible in the rental price to avoid an empty property which will dampen your income return. Top tips are make sure your property is well presented and set the standards as high as possible as it is often a competitive market.
You need to understand the running costs of owning a rental property. Choose the right finance, calculate accurately and use any tax savings. You need to be confident that you can cover any mortgage payments should the property be vacant or if there are any late payments. It may be worth taking out a rent protection policy which will repay lost rent whenever a tenant is unable to fulfil their rent obligations.
Finally, consider appointing a good letting agent who has an in-house designated & experienced Property Manager. Of course, we would say this however, a successful landlord is one who is willing to take sound advice and be flexible.
For more information call us on 01932 22 21 20 or visit our Walton on Thames Property community group on Facebook group for more free advice.