Property Inspector: How to become a landlord in less than 10 minutes
TheMoveChannel.com´s Property Inspector, taking a closer look at global real estate.
With the 2012 Olympic Games a matter of days away, London rents have broken new records according to property group LSL. Monthly rents in the capital have risen for three months in a row to reach an average of £1,047.
But rents are up across the country too. In June, demand from tenants pushed the average monthly rate for England and Wales to just £2 short of the all-time high of £720 recorded last October. Now, according to one mortgage broker, 60 per cent of UK landlords are planning to expand their property portfolio within the next six months.
So how do you join in the lettings craze? In this month´s podcast, the Property Inspector interrogates James Davis, CEO of the UK´s largest online lettings agency Upad, to get the tricks of the buy-to-let trade.
Does a landlord need contents insurance? How much tax and paperwork is involved? How can your home stand out from the rental crowd? And once you´ve found a tenant, how can you tell if they´re serial killer?
Here´s how to become a landlord in less than 10 minutes:
Let´s say I´m looking to become a landlord for the first time. What kind of property or location should I be looking for?
"My advice would be to understand who your customer will be: if you´re looking at students, look at universities in the area, whether they´re looking to grow or not. You need to work out if there´s demand today and, more importantly, if there will be demand tomorrow. "
How much time goes into preparing a property to let? Is that something people tend to underestimate?
"It´s no good just thinking that once you have a property in an area with high demand, you´re done. It needs to attract tenants. One trick I´d recommend is being a tenant for a few days. Make some enquiries and go to look at the other properties in your target market. See what their price and quality is – and what you have to do to make sure your house is up to scratch."
Listen to the full investigation.
Notes to Editors
Founded in 1999, TheMoveChannel.com is the leading independent website for international property, with than 400,000 listings in over 100 countries around the world, marketed on behalf of agents, developers and private owners.
The website address is http://www.TheMoveChannel.com and the office address is 45 Lafone Street, Shad Thames, London, SE1 2LX.
Contact Dan Johnson on 0207 952 7650 for further information.
Property Inspector image courtesy of Snowshot.