However, if you seek help from professionals and operate effectively, there is no reason why you cannot achieve success as a South West London landlord.
If you are looking for local guidelines for landlords, the following tips and pointers will give you a fantastic start in the letting industry.
You must find the right location
If you plan on being a hands-on landlord, you must buy property in an area that is within easy reach for you. Buy property close to your home or work, or which you can arrive at in no time at all, if required. However, you don’t need to be a hands-on landlord.
By calling on the services of a skilled property management services provider, you benefit from their skills and expertise. In this regard, your focus on location should be on choosing an area with great professionals.
No matter where you intend to buy, you should focus on rental yield, and the type of people who are looking for rental property. As a landlord, you may have tenants you prefer to deal with. By buying property in an area that has these tenants, you enhance the chances of enjoying the role of a landlord.
Is there demand for rental property in the area?
This may seem like an obvious step, but it is one which many landlords overlook or don’t consider. Yes, there is a significant level of interest for rental property across the country, but does this exist in the area you are looking at.
Ask local landlords and letting agents, and try to research the area as much as you can. If there is a prominent level of demand for rental property, and there isn’t enough rental property to meet this demand, you should be able to provide a service that helps you achieve success in the rental market.
What facilities are on offer in the local area?
While it is good to feel confident about the facts and figures of a rental area, this isn’t everything. Yes, make sure you are confident about rental yields and demand for property, but also consider the less tangible elements of the local area.
You need to consider transport options, local schools, shops, restaurants and all the things which make local life enjoyable. If these elements aren’t present in an area, you may struggle to attract the tenants you wish to let your rental property to.
If you are looking to let property, we can provide you with a property valuation. We are pleased to say we have helped many South West London landlords reach tenants, and we can help you. Contact Holmes Estate Agents today to let property successfully in South West London.