When viewing a property for buy to let, it is essential to view through the eyes of a potential tenant – not necessarily what you would want to buy and live in. We have created this helpful guide to detail some of the things you need to look out for:
- If the property is currently tenanted, take care to not disturb any personal items.
- What, if anything, will you have to pay to upgrade the property to meet legal and health and safety letting standards?
- Will you need planning permission to let rooms?
- Are licences required in the area?
- How flexible is the property, could you rent to professionals or let rooms if required?
- What opportunities are there to boost capital growth from the start?
As you could potentially own the property for 10 years or more it is also important to think about what long term maintenance will be required, including:
- Is the property energy efficient?
- Will the roof need to be replaced?
- Do you need to invest in new windows in the future?
- How old is the heating and electrics? When will they need to be replaced?
- When does the damp proof course guarantee run out? Is the company still trading?
Viewing a property for buy-to-let is all about thinking about the tenant, the future income and costs and making sure it meets your and the tenant’s needs.