Top buy-to-let tips revealed

Thursday, 14 December 2006 12:00 AM

Buy-to-let landlords have revealed the top tips to make successful investments are having sound legal support and good financial advice.

The next most important factors in a successful buy-to-let investment were managing agents, followed by estate agents, accountants and architects.

In contrast, local councils were not seen as being important, whereas a reliable crew of builders, tapping local plumbing contacts and knowing a good painter-decorator team was all important for success in moving up the property ladder.

And when it comes to what buy-to-let landlords look for most when making a purchase, price growth potential was the top buying priority, followed by being able to negotiate a discount.

"No-one can build a successful portfolio without the right support in key areas, and it's interesting to see which services property investors depend on most," commented Mark Sismey-Durrant, chief executive of Heritable Bank, who conducted the research.

"Clearly, it's not an either-or call between sound financial and legal advice and reliable on-site craftsmanship; the most successful investors bring together the most experienced, best value team across all areas for long-term portfolio success."

Mr Sismey-Durrant added the continued popularity of buy-to-let investments means investors are coming under increasing pressure to get reliable tenants and maintain yields.

While predicting a cooling of the market in 2007, Mr Sismey-Durrant also expects experienced landlords to do well from increased rental demand and keener purchase prices.

The survey was conducted with 186 buy-to-let landlords at the recent Home Buyer Show.

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