SO YOU WANT TO BE A BUY-TO-LET LANDLORD?

If you’re thinking of joining ranks with the 1.4 million people who rent out properties as a supplementary or in some cases a main income- then make sure you’re prepared. 

Image from Ray White Toronto

According to the Office of National Statistics, the average buy-to-let investor in the UK currently has a property portfolio worth just over £650,000; however only 18% of those investors did ‘a lot’ of research before entering into the buy to let market. 

In fact fewer than half of buy-to-let investors fully understood what they were doing when they entered into the buy-to-let market. Even more remarkably, less than one in ten (7%) did any of the following: sought advice from experienced investors; consulted lawyers or accountants or consulted a book written by an expert.

Becoming a landlord requires the satisfaction of a number of duties and it’s important to keep up to date with changing legislation so that you are letting out your property in a suitable manner. 

A report by the Chartered Institute of Housing shows that a third of private rented housing, much of it supplied by buy-to-let landlords, fails to meet even the "decent homes standard". This standard is a benchmark for basic living such as a fully functioning kitchen and bathroom.

At Orchard & Shipman our experienced teams can work with you to explore the income potential of your local property market. We can help guide you through all of the requirements of being a landlord- from getting your property ready for tenants, management of the property once let, through to the most suitable legal and financial products.

To find out more about the services we offer Landlords and Investors you can contact us on 01895 208 877 or email enquiries@orchard-shipman.com.

Statistics from Platinum Property Partners The UKs trillion pound buy-to-let gamble, May 2014.