Buy to let property type

If you are purchasing a property to let, then you will need to consider the property type. Are you looking for a flat or a house?

Considerations in the choice of property

1. A 2 bedroom property will be easier to let/sell than a one bedroom property.
2. Consider the rent/mortgage cover for each property type.
3. Where is the demand - where do tenants prefer to live?
4. If there is a garden - who will look after it?
5. What is the maintenance bill likely to be?

Look at each item in more detail

1. The more bedrooms you have to offer, the wider the appeal. More rooms generally means more rent.
2. The rent/mortgage cover. This is perhaps the most important consideration. By how much does the rent cover your mortgage payment. If the rental income will only just cover the mortgage payment then you will not be able to build up a fund to cover you for periods when the property is empty. If the market rental income is insufficient then you may find it difficult to get a mortgage.
3. Where do tenants prefer to live. This is best answered by a letting agent who will have extensive experience of letting in the area you are considering.
4. A large garden may be a huge plus to a gardener, but if left unkempt, could develop into an ongoing problem. You could employ a gardener but this will be another outgoing to contend with.
5. You can budget for mortgage payments and other regular outgoings. It is less easy to predict repair and maintenance costs. As a landlord you will be responsible for repairs and maintenance issues. Tenants are likely to demand a swift response when things go wrong. A modern central heating system is likely to be less of a problem than an old system. If your property is thatched then you should budget for re-thatching perhaps every 10-15 years at a cost that could exceed £10,000. If you buy a property with a flat roof then the flat roof will need replacing over a similar length of time.

Wooden windows  will need regular maintenance if they are to last. Such maintenance will need to be considered .

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