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The dos and donts of buy to let

DO
  • Ask the advice of a local letting agent on local rental market demands.
  • Consider a buy-to-let property as a medium to long term investment.
  • Furnish and decorate to a high standard. Good quality bathrooms and kitchens will attract the best tenants and help minimise void (un-tenanted) periods.
  • Make sure your sums add up. Ensure that the rent will cover mortgage payments and other costs associated with being a landlord.
DON’T
  • Buy anything with intensive maintenance problems (for example, large gardens will add little to the rental value but will cost you a lot in time and money to maintain).
  • Allow your own personal taste to influence your decisions. Ensure the property you choose matches the local market needs.
  • Use off-the-shelf tenancy agreements and other legal paperwork. Ensure your paperwork suits your circumstances and always seek the advice of a professional.
  • Forget to issue the right documents or carry out a proper inventory report before your tenant moves in.
  • Use second hand furniture or old soft furnishings as these may not abide by the Furniture and Furnishing Regulations.