Considering A Buy-To-Let Property?

My husband and I have been discussing the options of investing in a buy-to-let property.
We have a few friends who have gone into the property market and owning a few rental properties is something we really want to achieve.
Obviously, there are a lot of factors to consider when buying a property, such as repairs, insurance and so on.
With that said, I thought I would share our list of things to consider when investing in a buy-to-let property.

Location

I think the location of a property has a lot of influence as to whether or not your property will be let.
For instance, is the property close to a university? If that is the case you could rent your property out as student accommodation. Maybe convert a small semi into an H.M.O. and exponentially increase your potential income.
A secluded retreat would attract countryside dwellers who like the scenic surroundings and less hustle and bustle that comes with city life. Larger gardens and garages or outbuildings command much higher rates of rent.
The location has a big influence on what kind of property would be most suited to rental and also to which type of tenants you will attract.

Insurance

Quite an important to-do on our list is to take out Landlord’s Insurance. You never know what complications you are going to face when buying to let. May it be malicious damage from a tenant, loss of rent, accidental damage, repairs following the end of lease or even fire damage at the property.

So having to compare landlord insurance is an essential task to complete on our list. Not only to get the right insurance for us but to get the best deal possible.

Repairs

As we will be starting at the bottom of the property ladder, we will most probably invest in a typical “doer-upper”. But still, we want to keep costs to a minimum to avoid going over budget. Maybe you are capable of doing a lot of the work yourself? Even if you are not a practical person, many pounds can be saved by either stripping the area prior to the commencement of any work or even labouring for your builder. You can also offer to purchase the materials for the project. Ask the tradesman to give you a list of what you need and then you are free to shop around for the best deal, potentially saving hundreds on the final bill.

Would you consider a buy to let property?