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Buy to Let

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Buy to Let

Buy to Rent – An Overview

Owning a Buy to rent property can be a great investment generating a stable income whilst hopefully watching the value of the asset grow. However it is important not to underestimate the work needed in becoming a landlord. So before making that next step it is crucial to take advice and understand everything that’s involved. Below is a useful guide with some of the key things you need to know.

Finding the Right Property

In order to decide the right property for you, you will need to choose what is more important capital growth or rental yield.

  • For those looking for the strongest growth it will be crucial to look in the best areas with strong buyer demand or those areas that could be considered as up and coming in anticipation of investment or regeneration.
  • The alternative is to focus on the rental yield received each month to top up or create additional income. These properties often exist towards the bottom end of the market in areas of strong rental demand but with lower growth potential.

What are the costs involved?

Taking into account the costs involved with each property is essential to make sure you fully understand the commitment being made. Whilst the headline rent may sound very exciting there is a more realistic figure to consider once all the costs are taken into account.

Some of the things to consider are:

Financing the purchase

For those who aren’t fortunate enough to be buying with cash seeking the right mortgage may be the difference in getting the best from your investment. A buy to rent mortgage is similar to a normal home loan but with a couple of crucial differences.

Talking to an independent advisor who can access a range of products, some of which will not be on the high street may provide alternatives that can make the difference.

Also you mustn’t forget that there is a normal stamp duty to pay plus a further 3% on top given that this will be an additional property. To work out how much it might cost use this link to find out more:

What else is a landlord responsible for?

Our advice, as you would expect is to work with a professional managing agent who can ensure that you compliant with the responsibilities and various regulations that exist in the sector. This would include things such as:

  • Gas & Electrical Safety checks
  • Fire Safety Regulations
  • Energy Performance Certificates
  • Right to Rent Regulations
  • Tenant Deposit Schemes

Don’t rent the above put you off as any good managing agent will be able to take these things out of your hands to ensure the property and renting of it meets all the required standards.

Building a Portfolio

With one or two properties bought and rented you may want to start looking at building a more significant portfolio. When doing this it is important to remember that each property comes with its own set of costs and also comes with an increased exposure to the market. As prices and rents rise this is great news but building in a cash buffer will be crucial to allow for extra costs or extended void periods without a tenant or multiple tenants.

Working with Manning Stainton

At Manning Stainton we can offer advice and guidance on everything buy to rent. We have an unrivalled network of sales and renting offices across the region who can help with everything from arranging your purchase, to rentingyour property and a full management service for those who want to hand over the dirty work. We also partner with Mortgage Advice Bureau with our team able to assist you on finding the best buy to rent deals in the market.

For more information click this link to get in touch with one of our expert advisors.

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