NEWS

Buy-to-let opportunity as demand for rental property continues

Published August 26th, 2014

With new housing development sites under construction and the number of buy-to-let mortgage approvals on the increase now could be a good time to consider renting out your property or buying a property to let.

Despite increased activity from first time buyers eager to get on the housing ladder there is still a high demand for rental properties of all types and sizes.

“Residential rents have been rising noticeably over the past couple of years, driven by a shortage of supply an general lack of movement by tenants, making buy-to-lets an attractive proposition,” said Laurence Tebb, residential letting manager with Berrys at Northwich.

“Financial advisors indicate that the buy-to-let mortgage product range is enjoying a rapid expansion as the housing market begins to stabilise, injecting confidence back into investors,” he said.

Holding out house keys on a  house shaped keychain

Those considering renting out a property should treat owning a buy-to-let property as a business decision and have full regard to the rules and regulations which apply.

“Whether you own one house or 10, the same laws and provisions for occupation of the property apply.  In the event of a tenant being in breach the landlord may incur time and cost in recovering possession, and some cases can become embroiled in court proceedings which can last for several months,” he said.

“The key is to seek advice before you buy and then consider employing a reliable letting agent to manage your property for you as they will know how to avoid the pitfalls,” he explained.

The letting agent will also take steps to ensure you get a good tenant.

“At Berrys we interview, fully reference and credit check applicants beforehand and then manage the tenants rigorously so that any missed payments can be immediately chased up,” he said.

Berrys offers a complete property management service for landlords including marketing and advertising, accompanied viewings, preparing the inventory, preparing the legal tenancy agreement, deposit protection, regular inspections and dealing with any repairs that come along.

Laurence Tebb can be contacted at Berrys’ Northwich office on 01565 745110, mobile 07741 310108 or email Laurence.Tebb@berrys.uk.com