Terry Lucking owner of one of Cambridgeshire’s most successful letting agencies and buy to let advice centres looks what to think about and the different stages to go through when selecting and preparing an investment property.
Will your investment stand out from the others?
The housing market is clearly in recovery. There are more and more people renting – however there are also more and more investors buying to let. There are a small but significant number of specialist developers building to let or converting redundant offices to dwellings for the buy to let market. The specialist developers are likely to use experts to help them design properties that are well presented and easy to maintain in the future.
Market balances can change quickly. If the market in your area tips in favour of the prospective tenant and they have lots of rental choice the attractive well located properties are more likely to let first.
So if you want your investment(s) to let quickly and relet quickly when tenants give notice it is essential that you make your property stand out from the others on the market. Avoid buying an average property – it needs to look attractive from the kerb. Make sure it feels welcoming when you walk in.
Do local research – speak to a professional and avoid taking advice from an estate agent – they are paid by the vendor not the buyer. Prepare the property so it looks and feels modern and bright. Attention to detail will be key to making your investment generate a return.
Free Advice
Terry Lucking is the owner and director of Belvoir Peterborough. Terry and his team are willing to help investors and landlords offering free pre purchase visits and rental assessments.
Belvoir Peterborough are accredited and regulated agents. Members of ARLA, Safe agent, Safeagent and the Property Ombudsman. It is a requirement for a member of ARLA and Safe Agent to have Client Money Protection and have their accounts independently audited annually.
If you are considering using an agent that isn’t a member of Safe Agent or ARLA ask yourself a question – would you think would allow an unqualified heating engineer to work on a boiler?
For more information or to ask Terry a question send an email to terry.lucking@belvoirlettings.com
