If you are new to the process but you are considering buying something that you could let then it is important to get it right. What follows are a few tips that can help you make a sound purchase that will be attractive in the current market.
Keep it Modern
When buying a property to let it is important to consider the needs of your potential tenants above your own personal tastes. While you may love older properties, it is always wise to purchase newer homes to ensure you can appeal to the widest possible market.
Always remember that this is not a personal purchase, so what you think of the house on a personal level is not as important as what you think it could offer other people.
Keep it Neutral
Neutral colours can be a little bit boring in your own home but they are ideal for a property that you are looking to let. They key is to ensure your tenant feels like they can make the property a home, so using neutral colours doesn’t put too much of your own personality into the place.
From there you potential tenant can more easily visualise how they would alter the property to their own personal tastes, within your guidelines of course.
Know the Area
Buying in the right area is just as important as buying the right type of property. If you choose poorly you may be left with a property on your hands that you are unable to let out.
Speak to an estate agent before making the purchase and try to determine if there is actually demand in the area for a rental property. Broaden your scope beyond the areas you know and consider purchasing a little further afield if that area had more potential. Finally consider the condition of the area itself. If the area is less desirable you will have to charge less on your rent as people won’t want to pay a high price to live there.
Of course there are plenty of more positive considerations in regards to areas as well. If the property is near a school or other local amenities it immediately becomes more desirable to a certain sector of the market.
Always Treat it as a Business
Sellers will always have a vested interest in their property, especially if they have been living there for a long time. A lot of sentimentality can get tied up in a home and, on occasion, a seller may try to add to the home’s value based on their own feelings towards the property.
As a buyer for a property you wish to let you need to remove all emotion from the purchase. Know the maximum amount you are willing to spend on the property and don’t go a penny over. If the seller won’t budge then move on. There will be plenty of other properties around.