TO LET OR NOT TO LET
With more and more people turning to property to fill a possible future pension deficit, it’s important that landlords plan their move in order to get the best return on any investment.
Gill Smith, Residential Lettings Manager of Smith and Sons explains: “We are seeing an increasing number of people investing in property under a buy to let agreement as an alternative to savings and pensions. Typically, owners want to hand the management of a property over to an agency such as ourselves who are able to manage and organise every aspect of the letting. However, it’s important that any person thinking about making the move should prepare thoroughly.
“Research is key. Make sure that your property is in an area that is appealing to a range of potential tenants and one where you can command a level of rent that meets your needs in terms of mortgage repayments. It’s also important that you speak to your mortgage lender and have the correct mortgage in place as there are considerable penalties if you don’t declare the correct terms for your mortgage.
“Once you’ve made the move and acquired the property or moved out, follow some basic steps – make sure that all appliances are in good working order, remove anything that is fragile or of importance, ensure the property is in a good state so that you are essentially presenting the new tenant with a blank canvas.
“Instructing an agent often forms the final piece in the jigsaw. The experience of the agent and their understanding of the market from both a landlord and tenant perspective can prove invaluable. Using an agent also ultimately removes the stress of managing a property for a typical 10-15% of the monthly rental fee.
“Letting agents will handle rent collections, carry out annual inspections, viewings and tenancy renewals, manage deposits as well as act on the landlords behalf in matters such as the Landlord Licensing Scheme. Essentially, appointing a lettings agency can give you peace of mind that your property is in safe hands, is being managed correctly and that it is providing you with the return that you expected.
“Smith and Sons has been managing properties across Merseyside for many years and we have hundreds of properties on our books, many with landlords who continue to use our services year on year. If you’re interested in talking to us about your property management needs we’d be glad to help. For an informal chat, please give us a call on 0151 647 9272.”