There are a number of very useful websites that provide a lot of information that can help you in making a decision, most of which you will find on our useful information page. However talking to a commercial letting agent with good local knowledge who can help guide you to what type of property is in demand, and from which part of the community, and the potential rental income, may help you in avoiding some of the pitfalls that new buy to let investors fall into.
Landlords now have to be aware of legislation and the rules that they have to comply with. A good commercial agent can deal with the Landlords obligations and take away a certain amount of stress from running this side of the business.
Its that old phrase that may bring back memories from our school days, make sure that you do your homework in a very thorough manner, and always remember if it sounds too good to be true, it most certainly is. Commercial letting agents are a very good sounding board, but do not just accept what you are told, ask a number of agents the same question and see if you get a similar response.
The last two years have seen many changes in Financial Services and although estate agents and letting agents are not regulated by the FSA, as everyone in the Industry feels they should be, a good agent can be very useful with their local knowledge and what the demand is for certain types of property, and the likely rental income that you may expect.
Regulation for Landlords in the way in which tenants have to be dealt with and their deposit held in a safe account, would suggest that unless you have a great deal of spare time, use a reputable letting agent to take away the stress that most of us could well do without. On commercial property the regulation is even more onerous, and a good agent can save you a great deal of time and money.
There are even more sites out there now which can provide a great deal of information regarding property prices, rental incomes, social mix and crime in any given area. You should access this information as it will give you a level of information which is not tainted by the salesman and is without bias. This can be vital when you are buying in an area about which you have limited or no knowledge. The crime prevention officer at the local police station is always a good start if you have any concerns about the levels of crime in any given area.
Again we come back to, do your due diligence and your homework very thoroughly, and let commonsense rule your head, if it sounds too good to be true, it is.
