For new landlords, it is essential to carefully research your buy-to-let investment before signing on the dotted line. Take time to reduce the risks and maximise the rewards by understanding what returns you are expecting and what is realistic.
You will also need to make sure you have good-quality tradesmen you can trust to look after the tenant without running up huge maintenance bills. An expert team like this will help you understand the legal responsibilities you are undertaking as a landlord — from letting your property legally to paying the right amount of tax. Seek specialist tax advice.
How can you keep up? Keep your identity safe. To choose a good lettings agent, you need to focus on the service they deliver rather than the price they charge. Keeping your property in good condition — and a good rapport with your tenants — could mean your buy-to-let stays occupied for longer. It pays to have the appropriate insurance cover when dealing with high-earning professionals.
Accessibility links Skip to article Skip to navigation. Growth is unlikely to happen to any great extent over that time, so you need to optimise for cash in the bank right now.
On the other hand, if you have a decade before you want to have achieved your goal, Property 2 is probably the better bet. The way I like to think about strategy is the way you compensate for a lack of cash.
Think of it like this: But most people will want more — which is where more of an advanced strategy comes in, allowing you to get better results, faster. Simply appreciating the need for one of these strategies from the start is a really big deal. Any of the strategies I listed or a different one, or a combination of several of them , when applied effectively, can get you to where you need to be.
Each of them has different risk factors, requires different time commitments, are suited to different skill sets, and so on. Someone else might be hopeless at anything hands-on, but a master negotiator.
To take the pressure off though, remember: Having an appropriate goal and a solid strategy to get you there are essential, sure — but nothing is going to happen until you actually take the steps that are necessary to execute that strategy. The best things usually are. However big, ambitious and far in the future a goal seems to be, all goals are achieved in exactly the same way: Sub-goals are how you stay on track: Think of them as mile markers at the side of a marathon course.
So, this final step in your plan is about breaking that big goal down into sub-goals, and those sub-goals down into bite-sized individual tasks. These two types of task will both appear in your weekly, monthly and quarterly to-do lists. A useful way of planning your time is to start by filling in your recurring tasks — like going through portals to find new potential acquisitions every day, and calling agents to follow up on offers once per week — then adding your recurring tasks on top.
Just like you break a goal down into sub-goals and sub-goals down into tasks, I favour breaking every one-off task down into the smallest possible unit. Because it seems nebulous and you can never identify a block of time when you can do it from start to finish, you can end up never doing it at all.
Buy-to-let is a business, so be professional. There are typically two options when hiring a lettings agent: let only, and full management. The former is cheaper.
A business plan is always helpful to manage the risks and rewards of your buy to let investment. Download our business plan template for your buy to let property.
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