What makes the perfect rental property

The rental market is a booming business venture in the UK. If you are looking to take the plunge and become a landlord for the first time, there are some qualities you should look for when purchasing the property. 

 

Location Location LocationNo we arent talking about the TV show, but they are right, it counts for a LOT. Not only does the right location determine how much you can render a month in profits, it also has a huge influence on the types of tenants you are likely to attract and more over, how often you will be facing a vacant property. 

 

Then theres good old Mr Tax Man. Hes never been anyones best friend but unfortunately hes unavoidable. Property taxes are not standardised. This means youll need to do your homework. Yes you might find a beautiful property in a great location, sure to be hot property on the rental market. But if the tax bill is too high this could counteract your efforts entirely! No one wants to pay excessive amounts in tax if they dont need to. Before buying, make sure you check your potential investments tax band here! https://www.gov.uk/council-tax-bands 

 

Next up, youll need to check the average rental income for the area. If the average rent wont cover your mortgage payments, taxes and expenses then the property your thought was perfect might not be so great after all. However some areas are on the developing side of life, so it might be worth the gamble. You should research where the area is likely to stand in 5 years time and invest your money wisely. 

 

Finally dont forget to look at how the area might fair for your tenant. Ask yourself these basic questions. Are theregood schools, low crime rates, a thriving job market, great amenities and is there planning permission for development over the coming months and years. If so you may have just hit the jack pot! 

 

Top Tip: You can never do too much research! Our sales and letting consultants will be able to advise you from today! Chat to one of our team now: http://www.mansons.net