10 Tips for Buy-to-Let Success

The property you are renting out is an investment, but you must make sure that it is looked after and well maintained.

Of course, you may also be busy with a job and family, and while buying to let is a business, it may not always be the first priority in your life.

That’s why we have put together our 10 Tips for Buy-to-Let Success guide. These tips are based on our many years of experience of helping landlords run successful businesses.

If you would like help and advice on the rental market, email us at lettings@dbroberts.co.uk or call 01952 291622.

Choose Your property Wisely

You may want to invest your money and start getting a return as quickly as possible, but first, you must do your homework and consider the type of property you want and what sort of tenant you need.

Speak to professionals, like ourselves. We know the local market and can advise you accordingly.

Decide how Much Involvement You Want

Decide what sort of landlord you want to be. Will you be hands-on and do a lot of the maintenance work yourself, or do you want to get tradespeople in to do the work for you?

With our fully managed service, we provide you quotes from our trusted tradespeople to carry out the maintenance on your property when needed.

Will You Manage the Property?

There are quite a few things you need to do including getting gas and electric certificates, collecting rent, dealing with maintenance and other issues, even managing the process of eviction should it come to that.

So, are you able to do much of this management yourself, or do you need an experienced lettings manager to take the strain?

We can help you find a tenant, sort the contracts and look after the management – if you want us to!

Understand the Potential Net Returns

You may have money in the bank to invest in property. You may also have the desire to be a landlord and are thinking of the potential returns. But, have you actually done the maths?

Sit down with a pen and paper and do some research into all the other costs, for example:

Landlords Insurance
Servicing and gas and electric safety certificates
EPC certificate
Costs of repairs and maintenance
Tax
Void Periods
Tenant Acquisition
Utility Bills
Management Fees

This is to name but a few!

Make sure you can afford it. This might sound silly, but if the returns aren’t as great as you think, and the additional costs rack up, you could be in for a surprise.

Be Aware that Property Prices can go Up and Down!

Property is a sound investment most of the time. We would definitely recommend being a buy-to-let landlord but you should be aware that property markets can go down as well as up.

Be in it for the long run. Be patient as markets can fluctuate but a good landlord knows this and sticks with it.

Always get Insurance

We firmly advise that you need Landlords Insurance and Buildings Insurance and maybe even Contents Insurance too. It’s better to be safe than sorry and should anything untoward happen, you will know that you are covered.

We offer insurance policies when you choose our fully managed service.

Be Efficient and Keep Records of Everything

A buy-to-let property is best when it has a paying tenant of course. When it is empty, it costs you money. Landlords who can move quickly when they need to find a tenant are the ones who have successful businesses.

Don’t Fall in Love with the Property

This is an interesting one. There’s a difference between liking a property and loving it. If you love it, you may well not see it as a business and it is a business that has to make money.

You won’t be living in the property, but you can put your stamp on it in some way, perhaps the garden design for example.

Plan for the Future

While you have a property to rent out, ask yourself what your future plans look like: