Advice for the first time landlord
We appreciate that the sheer volume of advice for first time landlords, whether they are considering investing in buy-to-let property or are about to let out their existing home, can be overwhelming.
If you’re thinking of becoming a landlord for the first time, we’ll help you to get the fundamentals right first time.
James Riley, manager of our Henry Adams Lettings in Bognor & Aldwick, advises on some of the most frequently asked questions by first time landlords:
Q. What’s the best property for letting?
This has to be the question we are asked the most.
We feature some specially selected properties for buy-to-let which are a good place to start your search. After you’ve checked out what’s on the market, you’ll need to narrow down your search to a small selection of properties, say two or three, but remember to keep an open mind when investing in a buy-to-let property and don’t allow your heart to rule your head.
You can then show us your shortlist (from any agent) and we’ll assess the likely demand for each one and give you a realistic opinion on achievable rent. We’ll also give you examples to back up our opinions to help you make the right choice for you.
Before making any recommendations, we’ll talk through your own financial objectives from your investment, whether you have a long term or shorter term goal, so you get genuine, tailored advice.
Q. How do I find an effective letting agent?
Whichever agency you choose, make sure they are ARLA Propertymark registered and have thorough experience handling the type of property you’re about to own. Naturally I’d recommend Henry Adams because an established, reputable company with good local knowledge is essential. For first time landlords I would strongly recommend an agency offering a complete service with an in-house property management team to keep things on track.
Q. Anything else I need to know?
Lettings legislation is continuously expanding and covers everything from the Housing Act, gas and electrical safety regulations, and even which soft furnishings you can leave in a property if you’re intending on letting it furnished.
Be sure to understand your rights and responsibilities towards your tenants so as not to fall foul of either moral, tax or legal obligations – again this is where a good letting agent can guide you safely through the process.
You probably still have lots of questions, so check out our advice pages here or just ask any of our lettings teams across the region.
We are here to help you let your property successfully whether it’s your first buy-to-let or your growing property portfolio.