Owning and renting out property to tenants can be a good way to earn extra money. Being a landlord of many properties would be very lucrative and offer a great lifestyle to those who have the money to invest. Buy-to-let mortgages are available to help with financing the purchase of a property.
It is possible to achieve quite decent rents because the demand for rental property is high. It is tough for first-time buyers to get a mortgage currently; they need large deposits and stable employment which are both difficult to secure in these economic times. Property values have dipped a little because of this, but in the long term bricks and mortar will always be a good investment.
The rental market will stay strong because people always need a place when they are temporarily in a different area to home, like students at university. Young people also want to move out of their parents' home before they are ready to get a mortgage. Lives suddenly change too, leaving people with a need for quick accommodation fixes, like when a couple divorce. These events will always occur.
Landlords need tenants and the kind of renter required must be considered. Obviously a tenant who pays on time and who looks after the property is the kind every landlord wants, but is the student market, the long-term market or professional market the right one for the property?
There are three ways you can rent out your property. You can get a professional agency to completely take over everything. They will advertise for a tenant, run credit checks, take the rent each month and organise their own team of workmen to carry out maintenance. This, of course, will cost you more money.
Another option is an introduction-only service. The agency runs the advertisement, completes a credit check, and takes the first month's rent and deposit. After that you take over everything. The tenant gives you the rent and calls you if something needs fixing.
The third option is to completely do things yourself. This isn't for the light-hearted because it isn't very easy to run a credit check and often the more desirable tenants won't proceed without an agency. This is the cheapest way of managing your house, however, so you keep more of the income. If you are renting out just a room in your own home, then this is often how things are done. You will obviously be there to see when repairs need to be done, and collecting the rent is easy.
A good area to purchase a rental property in is Cricklewood, North London. It's a popular area which is handy for commuters. Nearby Dollis Hill, Brondesbury, Willesden Green and Kilburn have plenty of great shops, entertainment venues and restaurants. This district has all the ingredients needed for excellent buy-to-let opportunities.
It is possible to achieve quite decent rents because the demand for rental property is high. It is tough for first-time buyers to get a mortgage currently; they need large deposits and stable employment which are both difficult to secure in these economic times. Property values have dipped a little because of this, but in the long term bricks and mortar will always be a good investment.
The rental market will stay strong because people always need a place when they are temporarily in a different area to home, like students at university. Young people also want to move out of their parents' home before they are ready to get a mortgage. Lives suddenly change too, leaving people with a need for quick accommodation fixes, like when a couple divorce. These events will always occur.
Landlords need tenants and the kind of renter required must be considered. Obviously a tenant who pays on time and who looks after the property is the kind every landlord wants, but is the student market, the long-term market or professional market the right one for the property?
There are three ways you can rent out your property. You can get a professional agency to completely take over everything. They will advertise for a tenant, run credit checks, take the rent each month and organise their own team of workmen to carry out maintenance. This, of course, will cost you more money.
Another option is an introduction-only service. The agency runs the advertisement, completes a credit check, and takes the first month's rent and deposit. After that you take over everything. The tenant gives you the rent and calls you if something needs fixing.
The third option is to completely do things yourself. This isn't for the light-hearted because it isn't very easy to run a credit check and often the more desirable tenants won't proceed without an agency. This is the cheapest way of managing your house, however, so you keep more of the income. If you are renting out just a room in your own home, then this is often how things are done. You will obviously be there to see when repairs need to be done, and collecting the rent is easy.
A good area to purchase a rental property in is Cricklewood, North London. It's a popular area which is handy for commuters. Nearby Dollis Hill, Brondesbury, Willesden Green and Kilburn have plenty of great shops, entertainment venues and restaurants. This district has all the ingredients needed for excellent buy-to-let opportunities.
About the Author:
If you are looking for 3 bed houses for rent in Cricklewood, visit the site to look at the range on our books. Discover more about estate agents in west Hampstead and our knowledge of the area.
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