Buy a property to let out can be an amazing investment and in most cases it definitly is a great idea. This is a great way to make money on the side, earning whilst you sleep, work and having fun. However... there are some hurdles that could come a long the way and here are some errors you need to avoid!

1. Buy-To-Let Errors That Need To Be
Avoided

2. Manage your finances
• You need to organise your income and outcome if you want to reach
the potential profits of your investment.
It is importnat that you decide how you are going to use the rent
that you recieve for the tenants. Are you going to use that purely for
your leisure, to pay off your mortage or to put into savings.
You must also relise that there will be unexpected payments along
the journey of your buy-to-let life. These can include maintenance
problems and time waiting around for a tenant to move in. These all
need to have a plan ready for them to happen otherwise you may
be hit with a large cost that you can not pay off.

3. Find the right tenant for you
• The tenant of your property is an extremely important element to your
success in the buy to let world. You need to plan out what sort of tenant
you want and search for them in the right way. For example do you want
students who have a guarrantor ready for any underpayments, or do you
want a proffesional who needs to have a steady secure job. Take into
account a family may leave more wear and tear and a pet in the home
could cause damages. You need to idenitfy what tenant you will be able
to manage best.
When you think you have found your ideal tenant, don't just take their
word for it, do all the checks! These include credit check, past landlord
references as well as work place references. You want to make sure they
have not been in debt, have a secure job or means of income and that
they are a respectful person.

4. Look after you tenant
• Once you have found your ideal tenant, it is imporant you then look after
them. If you have a good relationship with them, they will have more
respect for you.
If they are happy with you, they may be more inclided to let you know in
advance if they are having any doubt of being able to pay on time,
therefreo you will be able to manage you finacnes easier.
Also, they will be more likely to respect the apartment, abiding by your
rules and not making damages or messes in your apartment.
Another point being, when their tenancies is coming to and end, it may
be more likely that they are going to renew as they like you as a landlord.
Or, on the other hand if they want to leave, they could refer one of their
friends or family to you which will help avoid the wait time and effort
into finding a new tenant.

5. Buy the right property
• If you are looking to invest in a house, you probably have a decent
amount of money. This would mean you live in a well prices area.
Buying a property close to home would be tempting, however this
may not be a great idea due to the prices. You must research the
surrounding ares to find the right property for you which will attract
the right tenants, who can afford the prices and can also bring you
in a good return on your investment.
You need to find a balance of high yield and high demand and this
may not be so easy so make sure to do your revision!

6. We hope you enjoyed our blog: Buy-To-Let Errors That Need To Be Avoided
If you have any questions or require further advice, don't hesitate to contact us:
Twitter: @GlocalR
Facebook: Glocal Residential
Or, Call us today: 0121 655 5188

7. We hope you enjoyed our blog: Buy-To-Let Errors That Need To Be Avoided
If you have any questions or require further advice, don't hesitate to contact us:
Twitter: @GlocalR
Facebook: Glocal Residential
Or, Call us today: 0121 655 5188