What Is In The News?

Now is the time to start putting your plans into action if you have been thinking for a while about buying a property to let. 

Just recently there was a news headline that people with interest only mortgages should start thinking on how to pay back the money they borrowed in the boom years when the mortgage repayment falls due.

Experts seem to think that when these redemptions start to happen there will be many of us that have made inadequate provisions and they may have to sell their property and move into rental accommodation.  In the worst scenario their homes are in negative equity and they will be left with not a penny of profit.

There days there is already a boom in the letting market, but this will start to accelerate even more when these people enter the letting market.  It might not be for a few years yet, but it is best to hop on the bandwagon now.

You should think about location first.  This is the foremost and important consideration.  Different areas demand different rents and if you can afford something run down in a desirable location it can be done up to a high standard.

Structurally the property must be sound.  There may be some grants available and you should find out.  It is great fun to see a property transformed before your eyes and the incentive is to do it well so that you can maximise your rental income.

You should remember that you are not furnishing the property for your own use so care should be taken not to personalise it to your own taste.  If you are unsure of what furnishings to purchase, you could have a look at some of the best living room furniture sets that have been specifically put together to facilitate you.

There are firms that specialise on the internet to cater for landlords and if comments and blogs are to be believed, many have been very satisfied purchasing these.  All items in the packs are perfectly co-ordinated in colour and style so that you will not make a design gaffe.  It is important to buy furniture that matches as it will give a uniformity of line in the property which will make it light and airy.

To achieve the illusion of space and light, walls and floors should be of a neutral colour.  White for small properties, or perhaps light cream.  Floors could be carpeted in a like colour, but to make your floorcovering last longer, perhaps you should pay a little extra to have laminates put down.

It is less likely that these need to be replaced after a few years, unless you have the misfortune of installing a particularly careless tenant.  Do remember that however diligent a tenant is, they will not treat your furnishings as if they were their own so you should expect the occasional mishap.  Furniture generally lasts up to four years before it needs to be replaced.

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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