Here’s our advice:
Renting out a property is a great source of income and, if managed well, can be a stress-free experience. If you’re considering investing in a rental property, read this advice from the Letters team:
Be ruled by your head, not your heart
When buying an investment property, remind yourself it’s not going to be your home. Tenants aren’t usually looking for a huge garden or a pad “with potential” – they tend to favour somewhere that’s easily manageable and decorated in neutral colours.
Invest in the right location
York is a flourishing city with a thriving tourism trade, two universities – and many thriving international and national businesses. There’s a demand for all types of properties, from studio flats to family homes, and every part of York has something to attract tenants. Our experienced team are more than happy to advise on the most sought-after areas, to meet your budget and property ideals.
Do your sums!
To ensure your rental income exceeds your outgoings, factor in every cost of buying a property, like stamp duty charges and other tax liabilities. Our team are happy to advise on this. Don’t forget extra costs like any repairs, and management fees. Can you afford to go a month or two without rent while finding a new tenant? Let your mortgage company know the house will be rented out or you could be in breach of your mortgage conditions.
Comply with safety regulations
Tenants must be given a copy of the property’s Energy Performance Certificate (EPQ), houses of multiple occupation must have a gas and electricity safety certificate, and their fixed electrical installations must be inspected and tested at least every five years. Any furniture must comply with safety legislation, and we advise that fire and Co2 detectors are fitted.
Pick the right letting agent
Your rental property is a long-term investment so it pays to take time choosing the best agent to advise, help you select the right tenants, comply with legislation and ensure the tenancy runs smoothly. Ask around to see if anyone can recommend a good agent, and speak to a few to see how approachable and helpful they are.
How hands-on do you want to be?
Are you happy to deal with tenants and do you have the time to do so? Letters offers different levels of service, from a let-only agreement when we market the property and vet tenants, to a full managed service, when we are the tenant’s point of contact and oversee the property’s upkeep and maintenance. Click here for more details.