What Makes A Good Rental Buy?

Researching The Market
Getting The Property Right

Considering buying to let? If you want your property to rent quickly and have minimal periods when it's not let, it pays to do your homework to find out exactly what makes a good rental property.

Will You Be Managing It?

Are you going to be managing the property or will an agent do it for you? If you will be doing it, it needs to be realistically convenient for you to reach in case of problems. It also pays to be able to inspect it every now and then, with the tenant's permission, so having it nearby means it will be better maintained just because you can get there easily.

If an agent will be managing it for you, work their fees for this into your budgeting.

What Should You Buy?

'Different property is advantageous in different locations,' says Phil Calderbank, director of www.lettingsearch.co.uk. 'Compare prices and find out what is the most popular in various locations. As a landlord, you should thoroughly research the rental market in your area to make sure you are charging the right level of rent and offering the most desirable types of property. Tenants will be doing their research so it's imperative that you do the same.

'In terms of houses or flats, the decision will be largely fuelled by location,' continues Phil Calderbank. 'City or town centres tend to attract professional singles or couples who are probably going to want a contemporary apartment whereas property located in the suburbs near good schools will be very desirable to families. If you find a property within the catchment area of a good school, you'll probably be inundated with requests near admissions time, since many families often rent before buying so they can get the children settled into school of their choice and get to know an area before making the huge financial commitment of purchasing.'

What Are The Local Amenities Like?

Check the area for plans for new parks, shopping centres, gyms, cinemas and coffee houses. Don't forget to investigate new or future public transport links, too, and find out whether you're considering an area that might be very noisy at night.

While you're checking about future plans the local council or private developers might have, consider the negative impact they could have on your property. Will the new shopping centre overlook your garden? Will the parking become a nightmare? And so on... It's not just about renting now, it's about selling in the future, too.

Listen To Advice

Before you buy, look at the vacancies in the windows of your local agents. Are there loads of properties there that never seem to budge? Why is that? Is the street a no-go area for renters for some reason? Ask the agents and try to read between the lines to find out what's going on.

If you've already bought and your property is not renting, ask your agent for feedback from potential tenants - it may be that you can fix any problems that are discouraging renters.