Buy-to-Let Guide – Property Management
If you are wanting to dip your toes into the property investment market, a buy-to-let investment is a good option. Cannot buy your investment property outright? You can apply for a buy-to-let mortgage, a standard mortgage is only applicable if you plan to live in the property. Buy-to-let investments are a popular option for starting out as a landlord, and there are differences between a standard mortgage and that of a buy-to-let mortgage. Firstly, the lender will view your potential income of the property as your primary income source, then your personal income will account as your secondary factor.
When investigating the potential buy-to-let property that you will invest in, you must take various things into consideration. The prospective tenant demographic will have a big impact on your investment property decision. For example, students and families will have different requirements when looking for a rental property. Students will be searching for affordable properties, within good reach of the university and the nightlife, whereas families will be interested in location in terms of good school catchment areas and will be looking for good storage space and a spacious garden.
2022 is the perfect time to invest in a buy-to-let property due to the increasing demand for rental properties around the UK. NEPI predicts that this trend will continue to increase in the following years due to various affordability concerns in buying properties thanks to the Covid-19 pandemic.
Property management is a very important part of a buy-to-let investment; a property manager acts as a third party between the landlord and the tenant, as well as making sure the property is maintained to a high standard. The property management companies role help with all parts of the property management, from getting involved with pre-tenancy requirements to arranging building maintenance and repairs.
Having a property management company on board will save you a lot of time as a landlord. A property manager is responsible for the upkeep and physical management of the property throughout a tenancy agreement. NEPI strives for excellence and have created NEPLM, North East Property and Lettings Management, to help with all your property management needs. From regular maintenance to emergency repairs, as a property management company, we make sure that both you, the landlord, and your tenants are happy with the management of your property.
Being a Landlord
As a landlord, you will have various legal responsibilities. A buy-to-let property management company can help make sure that you fulfil several of your legal obligations. The following list outlines some of the responsibilities you have as a landlord:
Being a landlord means you have a legal obligation to ensure your tenants' safety. You must meet the following safety standards:
- A smoke alarm must be installed on every floor of the property
- Carbon monoxide detectors must be in every room with a wood-burning stove or a coal fire.
- Gas safety certificate must be obtained for each gas appliance and available inside the property
- All furniture must meet safety standards and display appropriate labels for risk of fires
- All electronic devices must be safe to use
- Fully working water supply to protect tenants from Legionella
Landlords have a legal obligation of being responsible for most repairs to the exterior or structure of the property including the roof, walls, chimneys, guttering and drains. NEPI’s property management services can manage all the rental property repair needs.
Contact us today for more information on how we can help with your property management needs.
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