|Real Estate Information|
Buying To Let Top Ten Tips
Buying to let is considered a serious investment and should not be conducted without some equally serious research. Our top ten tips will get you on the right path to finding out all you need to know to become a seriously successful landlord.
1 -- Choose the right property
Ensure the property is in an area well suited to letting. It is a good idea to take advice from local specialist letting agents on the most suitable area and types of property in demand.
2 -- Get the right mortgage
A wide range of mortgages are now available for the buy-to-let sector. Seek advice from your financial advisor and take your time to consider the most appropriate mortgage for your needs.
3 -- Consider the hidden costs
As the landlord you will be responsible for ensuring the maintenance of the property. Make sure that the rent covers the cost of maintenance and insurance, as well as the mortgage.
4 -- Always have some back-up
Try to maintain a reserve fund, should anything go wrong. This could be tenants defaulting on rent payment, along with the resulting court fees or simply periods when the property is empty.
5 -- Choose the right letting agent
You could manage the property yourself, but for the time-poor, a letting agent will manage the property for a fee of up to 15% of the gross rental income. This fee usually includes property management, finding tenants, collecting references and rents.
6 -- Put the right tenancy agreement in place
Always have a tenancy agreement in place before a tenant occupies your property. Your letting agent or solicitor can help you with this.
7 -- Make sure you have the right insurance
As the property owner you have the responsibility of insuring the structure of the property, including any permanent fixtures and fittings. A range of insurance policies exist specifically for the buy-to-let market.
8 -- Sort out your tax position
Becoming a private landlord may affect your tax position and profits you earn from the property could be liable to capital gains tax, charged at the highest rate of income tax. Consult with your tax or financial advisor to find out the most tax-efficient way of running your buy-to-let.
9 -- Produce a detailed inventory before tenants move in
If you are letting a furnished property, always make sure the tenant signs a detailed inventory of all contents. This will help safeguard against any missing or damaged items that could be uncovered when they leave.
10 -- Always get a deposit
It is very important to get a deposit from your tenants before they move in. This will help to protect you against any damage caused by tenants or a default on rental payments.
Don Suter is Managing Editor of the UK Property Portal (ukpropertyportal.co.uk), an online directory and magazine for UK property sales, rental, surveyors, mortgages, conveyancing, property insurance, removals, news, investment and development
For more in-depth information on becoming a landlord, follow this link to read our landlord's guide to letting
Old House? New House? Weighing Your Options
Maybe it has something to do with a childhood home we fondly remember. Many of us long for old homes built with solid construction, quality craftsmanship and beautiful details.
How To Create A House Buying Wish List For Your Dream Home
Buying a house is one of the most exciting things you will ever do. But there are LOTS of little details involved - details which can be very costly if they are overlooked.
Home Staging: How to Make Your Tract Home Stand Out in the Crowd
Home sellers who wish to market their property in development neighborhoods face tough challenges. All the houses look similar.
5 Secrets for Surviving a Real Estate Market Downturn
History repeatedly serves to show us that the real estate market is cyclical. It has boom times and stagnant times, occasionally it suffers a crash but real estate never becomes worthless, therefore if the experts are right and we're about to suffer a slow to stagnant period in the real estate market, all is not lost!There are 5 fundamental secrets that real estate investors like to keep close to their chest and they are the secrets that enable them to survive and even profit during a bear market.
What Does It Take To Be A Donald Trump in Real Estate?
Since you are a business oriented person, you might be thinking: "oh, great, here it comes another fad that sounds to good to be true and I don't have time for this now." Well, the fact is, like gravity you do not have to believe in Feng Shui for it to work.
Timing Clauses Stop Sellers From Inciting Bidding War
It is no secret that the current real estate market is hot, hot, hot. Sellers can receive multiple bids for their property on the same day.
Probate & Obituary Marketing
I start my marketing with obituaries followed with probate filings and find it just another effective way to acquire property.Short of courthouse research you can go to your local library and go to the reference department and research using what is called a Polk City directory that will list if the deceased party owns real estate.
How to Build A Rental Property Money Machine
If you are looking for a steady, income-producing investment that isn't dependent on the ups and downs of the stock market, rental property is just the investment you're looking for!As lucrative as owning rental property can be, the wrong property can be a bottomless money pit. You need to know how to go about locating property, finding tenants, managing the rental, and how to make your investment profitable.
Wrapping a property is a simple concept that can create passive income for you and will give the purchaser a chance to buy a property which would have otherwise been out of reach at that time. However, there are a few things you must know before you jump in and trip up on some of the technicalities.
How Much Should I Pay For This House?
We probably answer this question for someone a couple times every week. The problem is that they don't have a good formula for determining the most they can pay and still make a profit - so they're scared to make any offer.
Title Insurance Protects Your Financial Investment
You purchase homeowners insurance to protect yourself financially in case something happens to your property or its contents. However homeowners insurance won't protect your financial interests if a matter arises regarding past ownership of your property.
Selling Your House - $100,000 Pets
Is your pet worth $100,000? It may be if you don't make accommodations for it when selling your home.A Hundred Thousand Dollar Pet?A house I'd seen with a potential buyer in an attractive neighborhood built around two lakes sold for $100,000 less than was typical for the neighborhood.
Late Mortgage Payments Sabotage PMI Cancellation
There's something you should know about PMI!Private mortgage insurance is commonly referred to as PMI. If a buyer makes a down payment of less than 20% of a home's value the lender will insist that a premium for PMI be added to every monthly payment.
A Possible Bargain: Foreclosed Properties
In the superheated San Francisco Bay Area property market, foreclosed properties are available at as much as 40% below market value, writes Srini Saripalli.The last few months of a calendar year are considered sluggish for transacting real estate, but Silicon Valley seems to be an exception to this.
How To Go About Selling Your Home On Your Own
In days of booming real estate, you would think that selling a home shouldn't be too much of a task. And if it's going to be that easy then why not do it on your own and save yourself on thousands of dollars in commissions.
Dead Deals and Recycled Reports
Everyone knows that at the end of a home inspection, a report is generated that outlines the findings of the home inspector. But did you know that this is not intended to be a "hit list" of negatives? Us home inspectors do what we do in order to objectively describe the home.
Golf and Waterfront Living: Live, Play, Relax
With today's planned lifestyle communities, golf and boating enthusiasts have an opportunity to purchase the home of their dreams just a chip shot away from the green or stone's throw from the marina. In addition to an ideal home setting, golf and waterfront community residents enjoy an active and diversified lifestyle experience complete with first-class golf courses, marinas, beaches, spas, clubhouses, recreation areas, fine dining and countless other amenities.
French Property - a Buyers Guide to Purchasing Property in France
The CompromisThis document is the document you will sign agreeing to buy the property at the agreed price. It is signed by both vendor and purchaser and sets out all the details of the purchase price and fees.
What To Expect From Your House Appraisal
Having your house appraised can be a scary step in the moving process, especially if you don't know what to expect. Will your house pass muster or will they find some hidden defects and problems lurking in the basement and attic? Should you scrub the house clean?Don't worry - this isn't a test of how clean you keep your house or even if your house has problems (that will be for the home inspector to find out).
Realities of Real Estate Investing
If you are anything like me, you are always looking for a good way to work for yourself and make tons of money. Is this not the dream of millions of Americans? Of course it is, and I am willing to bet that you have considered getting into the real estate market at some point.
|home | site map|