Iris O’Connell M.A.R.L.A, Managing Director for iConn Property Management writes:

♦ Make sure you opt for the best Buy To Let Mortgage rate.

♦ Talk with local letting agents and use their local knowledge to ask for advice. They will advise you what areas are popular with a certain type of tenant. Which type of property will be suitable for the type of tenant you are looking for and what type of property to purchase to ensure you get the best return for your money. They will also advise you what rental levels you would hope to achieve from certain properties in different local areas. iConn is a local letting agent with years of experience and local knowledge. Call us for free helpful advice.

♦ Make sure that there is a demand for the certain type of property you want to invest in. Again ask your local agent for an insight into the local market. A member of staff at iConn will be happy to help you with any advice you may seek.

♦ Research properties on property portals like Right Move or Property Live. You will see what is currently being marketed and for what rental levels. Study the market thoroughly before you buy!!!

♦ Make sure that you are aware of the cost of fully insuring your property. This will include building Insurance, contents insurance and public liability cover. iConn can arrange this for you.

♦ If you are looking to furnish the property, furnish it according to what type of tenant you require. Furnishings for a student property will be different compared to a property a family will rent.

♦ Decorate it and repair it to a high standard; the better its condition, the higher the overall yield.

♦ Consider using an Agent to manage the property. iConn offers four levels of service. Contact us for further details.

♦ Always understand your legal obligations as a Landlord. Be realistic in understanding that your tenant will expect you to repair, replace and maintain as and when necessary.

♦ You will be expected to follow council requirements and housing law. It is also essential that you provide all necessary safety documents; e.g. Gas safety certificate.

♦ Understand your financial limits. Do not purchase an investment property if the rental level achievable just covers your mortgage repayment. What happens if you have an unexpected boiler break down? Will you have enough money in the pot to make repairs as and when required? What happens if there is a rental void period? Do you have a contingency plan for any such an event? Be realistic about what you buy, the level of mortgage compared to the level of rent achievable and the condition of the property.