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Before deciding to let your home there are a number of things to consider.
Even before going to view a property you must consider money. Make sure you know what you can afford. There are a variety of buy-to-let mortgages available but these typically require a deposit of about 15% and you will generally need the rent to cover 125% of the mortgage repayments. Additionally you will need to consider buildings and contents insurance as well as letting’s insurance and maintenance costs. What’s more you must consider if you can cope if the property is empty for a couple of months and you don’t get any rental income.
If the numbers add up, start to think about where you want to buy your property and where will give you the best return on your investment. Are you looking for young professionals, students or families? By knowing your target market you can make the best business choice. And remember, that you are not buying it for yourself. Try to think like your tenant and consider their wants and needs.
Make sure that before you hand over your keys that you have done the necessary research on your tenant and checked their references. You will also have to ensure that the property complies with the various safety regulations and ensure that you have the necessary certificates, insurance and mortgage in place. Search for that perfect investment property.