Why landlords should never love their rental property

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29 Aug 2017

When buying a rental property, don’t let your heart rule your head!

Author: Michael Cook

"Buying a home as an investor requires a completely different mind-set compared with buying as a homeowner – the key difference being that, as a landlord, you should never love the property you are going to let out" explains Romans Lettings Managing Director, Michael Cook. 

Becoming a buy-to-let investor is a business move and the objective is to make a profit. As with any business decision, it’s important to leave your emotions at the door – something which is especially difficult when it comes to property.

Of course it’s important that you are happy with the location, the layout and think it is a suitable place to live, but it does not have to be your ideal home. As long as it’s likely to be someone’s ideal home that is all that matters. This mind-set can be difficult for first time landlords but is the key to a stress-free and successful let.

With tenants spending longer in rental accommodation than ever before, amenities such as local schools, transport links and employment opportunities are becoming more and more important. Before investing in property, research what tenants want, which locations are in high-demand, and where can you achieve the best rental yield. You should also speak to a local lettings agent as they are in the best position to advise not only on what types of properties tenants are looking for but also if there are any gaps in the market.

Investing in a rental property is a long term investment and does not give off instant rewards. Make sure that the property you buy is aligned with the wants and needs of the tenants you are hoping to attract and that there is sufficient demand for rental property in that area – this way you minimise the risk of costly void periods!

For advice and recommendations on the best property for your investment, contact Romans on 01344 985 870 or if you would like to receive our weekly handpicked investments you can register here.

 

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