Buying Rental Property Isn’t The Same As Buying A Home
Given the demand for rental property, it is natural if you are looking to enter the rental market as a landlord. It makes a lot of sense for landlords and property investors to snap up homes and then let them out. There are short and long-term benefits of operating a rental property, and if you want to use your money sensibly, this is an excellent way to do so.
At The Letting Line, we are pleased to say we are on hand to assist you as best we can. We have helped many landlords in and around Enfield. Not only do we connect these letting industry professionals to prospective tenants, we help them manage their property, and we can even help them find their ideal rental accommodation.
Know the differences when buying property
It is important to realise that buying rental property isn’t the same as buying a home. No matter how many times you purchased property in the past, the process is different when you enter the rental market. We have helped many landlords change their mindset from one which had them thinking like a home buyer and helped them to think like someone who is ready to make money out of letting property.
The most important thing you need to get beyond is that your taste and preferences don’t matter. If you were buying the rental property to use yourself, then yes, what you like to see in a home would be important. However, as you want to rent the property to prospective tenants, you need to think about what these prospective tenants are interested in.
This means you need to know who the most likely tenants in your area are, and what they are looking for when they rent property. This can change from area to area, and in even a small location, property types and styles which appeal to one type of tenant might not appeal to another.
You must do your research
Therefore, it makes sense to carry out research on what tenants look for, but this can be time-consuming and challenging. It is vital that you make sensible and reasoned business decisions in the rental market, and this is what we are here to offer.
There is no way to fully remove risk when you enter the rental market, but with our help, you can reduce the level of risk. Knowing rental yields, as well as the expected rental fees in a local area is the ideal starting point when it comes to entering the rental market.
When it comes to the Enfield rental market, we are here to ensure you make smart and sensible decisions, increasing your chances of success in the rental market.
If you are looking for guidance or assistance in the Enfield rental market, we can help. At The Letting Line, we are a specialist letting and property management agent serving Enfield, Barnet, Potters Bar, Brookmans Park and surrounding areas.
We can arrange a free valuation for you, and if you are looking to contact us, please call us on 020 8342 1234.