Top Tips when considering buy-to-let

If you would like our opinion on what to buy or talk letting property in general, feel free to pop in to our office on Killigrew Street or call Annabel Leach on 01326 210304. We don’t sell houses but we can help you find a good buy-to-let property.

The Rise of Buy-to-Let Pensioners

With the recent unlocking of rules on how people can access their savings in retirement, could a new breed of ‘buy-to-let pensioners’ be ready to enter the local property market?

We advise you to be vigilant following the Chancellor’s Budget announcement that savers will be allowed to withdraw their entire pension fund from the age of 55 or over, rather than take the money slowly as an annual income.

Recent surveys report that buy-to-let has outperformed other mainstream investments, so it could be an attractive option for those wanting to safeguard their capital and maximise income during retirement. Yet, whilst this may be the case, we believe that anyone considering their first move into the sector should take professional advice.

Buy-to-let continues to offer great opportunities, but potential investors must have a clear strategy, and it should never be considered as a ‘get rich quick’ scheme.
Over a third of Britain’s 1.4 million private landlords already view their portfolio as the main component within their pension plan. The relative ‘safety’ of bricks and mortar, coupled with regular rental returns as income, make it an attractive investment choice.

The Chancellor’s recent pension reforms have ignited a great deal of interest in buy-to-let as a viable and attractive alternative to more traditional pension plans. Market demand for quality, well-maintained, private rental property remains high.

It is important for first time investors to buy property at the right price, in the right location and to identify the type of accommodation that people will want to rent from them both now and in the future. With our local knowledge we can look in detail at potential property ‘yields’ – taking into account outgoings such as maintenance costs – and provide novice investors with a realistic expectation on returns.

If you would like our opinion on what to buy or talk letting property in general, feel free to pop in to our office on Killigrew Street. We don’t sell houses but we can help you find a good buy-to-let property.

Annabel Leach

Belvoir Lettings Falmouth

01326 210304

annabel.leach@belvoirlettings.com

www.belvoirlettings.com/falmouth

Do semi-detached properties on Messack Close in Falmouth make good investments for Buy-to-Let?

We were talking to someone who lives in Messack Close in Falmouth who wants to purchase his first Buy-to-let property and has noticed our previous articles.  He is interested in getting to know the industry a little bit more.

As he has lived there for some time now and knows it well, he feels comfortable investing in the area.  We started to consider the property market locally and found that 22 semi-detached houses have sold in Messack Close since the beginning of 2000.

Property values in Falmouth have risen on average by around 130% over the last 14 years, but many properties on Messack Close have beaten that rise.  For example, a 3 bedroomed semi-detached house rose by 175% from £76,000 in 2000 to £209,000 in 2012!

When we look again to 2000, another property on the Close was bought for £87,950 and sold in 2011 for an impressive £250,000 - an increase of 184%.  With this kind of capital growth you may need to consider slightly lower rental yields than average for the area.  Three bedroomed properties on the estate can still be bought for between £190,000 - £215,000.  With these kind of homes in nearby streets achieving rents of £795 - £850 pcm, this equates to annual gross yields of between 4.4% - 5.3%.

If you would like our opinion on what to buy or to talk letting property in general, feel free to come in to our office on Killigrew Street in Falmouth.  We don't sell houses but we will help you find a good buy-to-let property.

Call 01326 210304 Email: falmouth@belvoirlettings.com or visit www.belvoirlettings.com/falmouth

5 Ways To Be A Good Landlord

The best landlords will care about making sure their property is let legally and that their tenants are happy.  However bad landlords aren’t bothered about being a good landlord, or whether their properties meet the legal requirements and don’t care if their tenants are unhappy.  The only thing bad landlords care about is the rent going into their account every month.

Bad Landlords Lose Tenants

Bad landlords rarely receive the best rental income and are always having to find new tenants to pay the rent.  Worse still, the property is not likely to be cared for, so is unlikely to be increasing in value.

Follow our top five ways to be the best landlord to help you secure:-

• The best paying tenants
• Top rental income
• Retain your property’s value

The best landlords:-

1. Are legal

They will ensure their property is let legally with a gas safety certificate, electrical and PAT testing, as well as extra precautions such as smoke alarms on every floor.

2. Keep up to date with the latest letting rules and regulations

Good landlords don’t just know the current regulations, they also make sure they keep up to date with new rules and regulations.

3. Ensure their buy-to-let property is in good order

The best landlords realise that if they keep their property in good condition, the tenants are more likely to look after it.  That means clean bathrooms and kitchen with taps, shower and appliances all in good working order, with no leaks!  Clean carpets and walls and a tidy front and back also help.  The best landlords will also ensure that all appliances have easy to read instructions so that tenants know how to use them.

4. Fix things quickly if they go wrong

How would you feel if you lived in a home and the tap kept dripping, keeping you awake at night, or the heating didn’t work and you were freezing cold? So when your tenant (or letting agent) asks for something to be fixed, it’s worth getting it done straight away.

5. Do what they can to retain good tenants

Good tenants are worth their weight in gold, so try and keep them if you can. It’s always worth chatting to the tenant (even if it’s a letting agent looking after the property) and asking them if they will stay for a while.  It might take a small reduction in rent in return for a longer agreement, or a quick paint job or new shower, or even the addition of a dishwasher.  All for few hundred pounds, to retain someone paying you thousands on an annual basis, so it’s well worth it!

Why not call us on 01326 210304 to discuss how we can help you be a good landlord or visit www.belvoirlettings.com/falmouth