RECENT commentary has predicted that by 2016, 20 percent of households will be living in private rented accommodation, writes Rob Smy MARLA, director of Fenland Estates.
With buy-to-let mortgage lending becoming more accessible, continued caution surrounding stockmarket-linked products and the derisory interests rates available on deposit, more people are looking to invest in this growth market.
Purchasing property for rental is an attractive alternative but many potential new investors are worried by scare stories of damage to property and tenants from ‘Hell’.
The reality is far from this and while bad tenants do exist, careful planning can ensure landlords avoid most of the pitfalls.
Said Rob: “Things you will need to consider include: What is the best type of property in which to invest? What returns can I expect?
“How do I find the right tenants? How do legal tenancies work? What are my legal responsibilities as a landlord? Do I manage the tenancy myself or employ the services of an agent?”
If you are thinking of investing in the rental sector you are advised to seek independent advice first.
“As an independent, specialist licensed lettings agency, Fenland Estates can offer unbiased advice on how to invest in rental property,” added Rob.
With offices in both Wisbech and Long Sutton Fenland Estates, covers the whole of North Cambridgeshire and South Lincolnshire.
Specialist buy-to-let mortgage advice is also available from locally based Top House Mortgages who can be contacted via Fenland Estates or directly on 01945-773945.
• Anyone wanting to have a no obligation discussion on any aspect of letting with a qualified adviser can contact Fenland Estates on 01945-466642 or 01406-363006.