Buy to Let - A Quick Guide

More people than ever are buying property with the intention of letting it out. It’s a good idea to recoup some of the outlay and can work in your favour. As with most things in life there are pros and cons but if you do it well there should be minimal problems.

If you decide to let your property

1. Decide what time period you want to rent out your property, usually 3, 6 or 12 months.
2. De-personalise your property as much as possible.
3. Make a complete itinerary of all contents replacing valuable items if possible.

3 Month Lets

a. Usually over the peak summer months i.e. July, August and September.
b. Ensure your prices reflect the market price for these months.
c. If you are renting out to holidaymakers agree a specific changeover day such as Saturdays or Sundays.
d. Organise a management company to oversee arrivals/departures.
e. Have a cleaner visit at least once during the week and on changeover day. This way you will be able to monitor your property and spot any potential problems.

6 Month Lets

a. Usually over the summer months of May to October
b. Ensure a contract is signed with specific do’s and don’ts.
c. Make sure that you receive at least one month’s deposit up front.
d. Decide whether price includes bills (electricity, water and gas) or not.
e. Make frequent checks to ensure the maintenance of your property is being respected

12 Month Lets

a. Ensure a contract is signed with specific do’s and don’ts.
b. Make sure that you receive at least one month’s deposit up front.
c. Monthly price usually will not include bills - electricity, water and gas.