Investing in properties to rent in London can be an incredibly smart move. If managed well, a London property can provide for owners well into the future. For those thinking about central London property though, there are a few things to think about.
Any property purchase is a major commitment, and investing in a rental flat in the hustle and bustle of London can be stressful if the right plans are not in place. The key to making this investment a smoother process is to know the rules and lay down the right plans, right from the start:
Research – landlords have many legal obligations, and it’s best to be aware of all of these going in. Serious time should be put aside for researching and understanding the legal side of things. This preparation ensures confidence when dealing with tenants and agents.
Decide – there are as many ways of managing a rental as there are landlords. Prospective landlords should decide from the start whether they will be hands-on or leave the work to their estate agents.
Find resources – the best approach for new landlords is to access as much support as possible. It’s worthwhile spending time investigating an appropriate estate agent, landlords association and property solicitor before putting the property out to let.
It’s natural for prospective landlords to research the financial side of property ownership, but there are other considerations to take into account. The proper research and preparation will make the investment a far more rewarding – and far less stressful – experience.
