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Buy-to-let made easy by Frank Knight

Thursday, 20 December 2007 12:00 AM

Knight Frank is offering some hardnosed advice to those looking to rent property in 2008.

The property market may be experiencing a period of moderation, but the buy-to-let sector remains buoyant.

Indeed, rents are at their highest ever levels, according to the Royal Institution of Chartered Surveyors (Rics), with demand in the market strengthening.

And to help those moving into the market, Knight Frank has the following advice:

Landlords renting out their own homes

  • Try and view the property as a business opportunity. Do not be hurt or upset if a tenant does not like your wallpaper and asks you to neutralise.
  • Declutter. Make the property more like a show home rather than your own home.
  • Make sure your boiler and electrics are in good order with plenty of time, and ensure they are CORGI inspected.
  • Inform your lender in good time that you will be letting the property.
  • Ensure that any requests, with reference to lettings from the leaseholder/freeholder/managing agent are complied with in good time.

Tenants making an offer

  • Make sure all requests for changes to the property and required information is given to the agent at the time of the offer.
  • If you can stay for a year straight with no break clause, you are more likely to get the property.
  • Some Landlords may appreciate the rent being paid in large installments, six monthly or upfront. If you can do this it may put you in a strong negotiating position and you may be able to get the rent down.
  • Make sure your referees are briefed to send out references straight away. Lots of tenants are losing properties due to delay in references.
  • Get the tenancy agreement signed within three days. Do not waste time making lots of amendments. Remember that if you choose a good agent, then the tenancy agreement should be of good quality.

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