If you are thinking about becoming a landlord, now could be a good time to invest in a property or even build your existing portfolio. I cannot ever recall a time when properties were so thin on the ground and I have more waiting tenants than I do available property. Although we manage a large property portfolio we have noticed, over the last couple of years that many tenants are signing up for significantly longer terms. Once upon a time, not so long ago tenants would rent for a period of one year before moving on and we could always re offer these managed properties. It pains me to have to turn away the quality applicants we now have registering with us on a daily basis and, (being the decent chap I am) recommending that they go and register with our competitors. However, you know there is a real shortage of rental property on the market when they in return respond to you by saying, “Nobody has got anything”. So if you are thinking of investing right now go ahead and do so, you really won’t go too far wrong. In addition to this and according to contacts in the estate agency business, property prices in Barnet appear to have stabilised so you may be able to pick up a sound and suitable investment. Building a good portfolio takes time and resources but De Vere Letting Bureau are here to assist you.
There are plenty of decisions to make about the properties you choose to buy. The location is one of the most important factors and Barnet has a great deal to offer with it’s excellent schools, surrounding Green Belt and recreational facilities. Property which is within walking distance of a Town Centre with good shops and quality restaurants are always desirable and being close to the railways and Underground are always popular with commuting, professional tenants. We are fortunate in having all the above close to our offices here in Barnet and the area really does afford you excellent opportunities in which to invest.
The size of the property is also important to consider as price you purchase at has to stack up and your rental income needs to give you a good return as well as a long-term gain. Speak to rental experts such as ourselves, who have been established for over twenty years and have experience as agents and as landlords themselves. Although we let out all sorts of property from studio apartments to executive houses, to find out what type of property has the highest demand in your chosen or even a particular road, then please give us a call.
When you rent a property out, it needs to be up to a minimum standard and in a good condition and able to meet all the required letting regulations. If you are considering buying a property that needs work, you will need to consider the cost of bringing it up to these standards so it can then be let out successfully. De Vere Letting Bureau, as part of our management service can project manage this work for you if required as we have our in-house building contractors, gas engineers and electricians. Most properties will need a lick of paint before you let them out, especially if a family or tenants have previously been in occupation.
When your property is ready, you need to secure reliable, professional tenants willing and able to pay you rent quickly, avoiding any avoid periods. Using ourselves will save you time, money and unnecessary hassle. We often have waiting tenants or have been asked to rehouse existing tenants of ours.
Now really is a good time to invest.
