My First Time
Rental voids Any new landlord has to consider the tougher times as
well as the good. Although rental demand is expected to be strong as first-time buyers continue to struggle to get on the ladder there will be times when there is a void. Landlords need to have a contingency for this so that they can meet all their commitments even when there is no income. Having no cushion against this could put them in a vulnerable position.
Landlord responsibility There is a responsibility that comes with being a landlord
(maintenance and repairs, boiler servicing etc). As previously mentioned a letting agent can help manage
house huntinG
by Ian Potter operations manager, Association of Residential Letting Agents
Our members are seeing an unprecedented level of demand for homes, with prospective buyers turning to rented property as a more flexible option than buying. However, although the rental market is highly competitive, it is still possible to find that ideal home - if the search is carried out in a thorough, well-informed and realistic manner.
ARLA recommends the following for anyone looking to secure a rental property:
Work out your true priorities Before booking viewings, set in place key ‘deal- breakers’ as well as areas for compromise. Knowing what things you’re willing to be flexible on can aid the decision-making process and help your agent select properties to suit your specific needs.
Be prepared to make a prompt decision With the best properties often being let quickly, it
this – if landlords are not using an agent then they must be prepared to deal with problems quickly. It’s also vital that landlords make sure they have the right insurance as standard insurance will not do.
Get your numbers right Using a good accountant could help landlords make
sure that they don’t get into trouble with the taxman. More importantly they could make sure the taxman doesn’t get more than necessary by offsetting allowable expenses against the rental income. As a broker you should think about referring clients considering entering into buy-to-let investment to a specialist tax adviser. n
is important to be able to make a swift and informed decision. However, it it’s even more important not to feel pressured into accepting a property that does not fit your agreed standards - quick decisions are different to rushed decisions.
don’t go it alone A problem shared is a problem halved, which is why it can be useful to bring a friend or family member along to any viewings for that crucial second opinion. Further to this, using an agent can make the process easier. Licensed ARLA members have industry-leading market knowledge, and are regulated - giving you access to client money protection and a redress scheme - as well as an informed opinion
Get a flavour of the local market If you are moving to a new part of town, check it out on foot to get a feel for the area before you begin your search. It is also a good idea to conduct online research into average rents for the area early-on to build up a picture of likely prices and adjust your own expectations - or budget - accordingly.
Get your house in order If possible, try to get your references and deposit ready before beginning your search, to minimise delays once you have found the property you wish to rent.
23
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36