Top tips for property landlords
Navigating the buy-to-let market can be difficult, and requires thorough research. However, it can be an extremely profitable and valuable market to invest in.
The good news is there are more buy-to-let mortgages available than ever before.
Tenants appreciate being able to speak directly with their landlord, so ensure you make yourself available. Losing tenants due to not looking after them properly can quickly turn a good investment into a loss. Try to avoid any empty periods in the property, as this is guaranteed to lose money fast.
Using property managers
When using managing agents, you must check the level of tenant care provided. If a tenant leaves the property and there is a period when the property is empty, you will have to suffer loss of income as well as agency fees.
Choose lettings agents that are local to the property, as they can offer specialist knowledge. For property management in Dublin, look at companies such as clients1st.ie.
Consider investing in property located in a university town, particularly if you have lived there yourself. Buying a student property in a market that you understand and have experience of could be a wise investment.
Coastal properties are often desirable, but consider whether the property will become a home or a holiday let. Combining both uses can become confusing, so make sure you are clear on the intended purpose of the investment.
Targeting families as tenants can be beneficial. Paying a premium for a house in a good catchment area for schools can be off-putting, but higher rental prices and an increased likelihood of capital growth could make it a valuable investment. Families also make good tenants, as they will look after the property and have a higher income. Families are also less likely to uproot and move once their children are settled in school.
One-bed flats and studios in cheaper areas often have a high tenant turnover, which increases the likelihood of voids in tenancy. Avoid your property becoming a stopgap and choose a good location where people aspire to live.
Keep on top of maintenance
Flats in a coastal location can incur persistent paintwork damage, and need frequent window cleaning.
Keep your property clean and in good order, otherwise problems will soon result in high maintenance levels.