Are you looking to invest in property? Taking the plunge and securing a buy-to-let mortgage is a big step for any future landlord. If you’re thinking about investing in a property or building your own home, there is lots to think about! See our top tips for Buy-To-Let Owners below.
#1 Research Rental Prices In The Area
Are you buying an apartment in a block of flats? Or a property on an estate? It’s important to do your research on similar properties and the rental prices of these to see what you could potentially be earning each month.
#2 Think About Your Tenants
Depending on the type of tenant you’re targeting you’ll need to prepare your home differently. If you’re targeting students they’ll most likely need a furnished property but if you’re marketing to families it's common to find they will want an empty building to make their own.
#3 Check If You Need A PC Certificate
If you have built or converted a property and wish to rent and raise a Buy-to-Let mortgage to release equity, then you must ensure that it was built or converted under a building standards indemnity scheme acceptable to mortgage lenders.
Mortgage Lenders will generally only lend on a newly built or newly converted property where the property is covered by a warranty scheme such as the Professional Consultants Certificate.
#4 Research Legalities & Landlord Responsibilities
There are many legal factors to consider as a landlord, from landlords and content insurance to drawing up an official tenancy agreement for your tenants.
You may want to use a property management firm to handle aspects like collecting rent, finding tenants and processing deposits – in this case, you’ll need to think about paying a monthly retainer and setting aside money for repairs and maintenance.
#5 Calculate Stamp Duty
If you’re buying a second home you’ll need to pay Stamp Duty on anything over £40,000. Take this into account when purchasing your property, If you want to make a profit from renting out the property, then you’ll need to factor this additional cost into your calculations.
Find Out More About Professional Consults Certificates For A Buy To Let Mortgage
At PC Certs our dedicated team deliver outstanding customer experience across the construction industry, and our testimonials are able to back this up. All of our trusted Professional Consultant Certificates ensure that all parties involved will be able to secure a mortgage from reputable lenders.
Based in the Midlands, our experienced team can service properties nationwide with ease. We offer discounts for multiple dwellings on the same building site, so get in touch today to see how it works and how we can help your development. Get started now by calling us free on 0800 404 5804 or filling out our quick quote form.
