MikeR

I am looking at purchasing a second property next year to rent out, l have an idea in my head of what l am thinking of, but as always it pays to research and ask others opinions so can you please tell me the criteria that you had when looking for a rental property and any pit falls to look out for?

I live in a commuter town and a fairly desirable town by all accounts, hwoever no major direct rail links to London, nearest place would be Peterbourgh,

Cheers

Mike

CliffRS4

iTrader: (1)

I bought my first rental property in Wellingborough (brand new home). I've just had an offer accepted on another one to be completed in August next year.

Wellingborough has direct links by fast train to Kings Cross St. Pancras. It's also only 10 minutes from the M1.

2 & 3 beds are the best renters at the moment. You can get so much money off of brand new homes with loads of incentives. They are just gagging to sell for not much money too.

Parking is always an important one too.

I always go with the "Would I live in it mentality" when looking at houses.

MikeR

Thanks Cliff, it is a new build l am looking at around the courner from my house now,

ANybody else any input?

Cheers

Mike

cjwood555

From the perspective of a tenant - things that instantly put me off a property:

- The cheapest possible laminate flooring. Cold and looks naff - either put carpet down or some better laminate or wood.

- Expensive fixtures let down by poor diy fitting. It's much better to have cheaper fixtures/fittings but installed properly - same goes for decoration. We've been to lots of houses with expensive wall paper, just fitted, that is already peeling.

- No white goods. Most people in rented flats will also be renting the appliances. Moving into a house you are shafted by the agent for Ł200 odd, have to find sometimes 6-weeks rent of deposit, pay-up all the bills, rent a van, buy packaging.....and finding Ł600-1000 for some basic appliances at the same time can be a bit of a pain.

- No curtains - curtains are part of decoration, NOT furniture, and should be included. Why would a tenant want to buy curtains to fit your specific windows i.e. would be of no use to them when the move...?

HTH
Chris

MikeR

Thanks for that, it is always intersting getting a reply from the other side of the fence,

I guess also a lot depends on the type of tenant that you are looking to attract but your points are duly noted,

Cheers

Mike

cjwood555

At the moment it's a good market for landlords - plenty of people/couples on decent salaries who would buy but are either too nervous of the market or can't save the necessary 25% deposit. The flip side of this is that people are very aware that mortgage payments at the moment are much less than renting a comparable property.

To persuade the right type of tenant to part with what they see as an exortionate amount of money (but which is, of course, just the market rate for rental) you need to offer an appropriate package. Such people may well baulk less about e.g. buying white goods, as they'd be happy to take them with them, but if your property comes without and one down the road comes with, guess who'll get the deal.

If you want long term tenants, then aim for young couples with a kid or two. Lots of landlords aim for the 'executive' segment and gravel the garden etc, citing low maintenance. This immediately eliminates any families from your potential clients. Furthermore, most single/couples-without-kids -executives seem more interested in city centre flats than a 3 bed house. Also bear in mind that couples with kids will generally prefer carpet upstairs - laminate/wooden flooring is slippy and generally colder than carpet - neither or which are good things for young kids!

IMHO it's all about having 'enough' quality to make the home look nice, and decorating/fitting to suit your market.

Chris

Iain Mac

And be aware of tough rules for HMOs (Homes of Multiple Occupancy). If you put more than two unrelated people in a property you need fire alarm, smoke and CO detectors, fire doors, etc and the landlord and the property need to be licensed.

Simple things like PAT and gas test certificates have to be done and made available to the tenant too, and their deposit now has to be held in a separate bank account.

MikeR

It is a new build that l am looking at so will be fully carpeted and probably some built in white appliances, ideally l would want a professinal person/family so no mass occupancy or imigrants,

Cheers

Mike

MikeR

What size yeild are people looking at getting back from there rental properties? and also those landlords that are on here, do they self manage or use an agency to manage the propertie for them?

Cheers

Mike