A great idea is to "BUY" a 2nd Property to "LET" out to others, and one if done right, will make you potentially very rich. You need to first identify opportunities to buy Property in areas where you percieve that people will want to rent. Then you have to consider the financing ; you want to cover any Mortgage from the Rental Income; and take into account annual maintenancec and replacement cost for appliances.
People are more likely to rent from you if there are really good facilities available to them. You are likely to be in competition with other Landlords, who are also letting to people in the same area. You want your property to be at least as good if not better than the competition. You want renters to recommend you to their friends.
Potential renters are more likely to want to rent in an area which offers them scope to live cheaply, and comfortably. Many renters will have family living with them . They may also work in the general area.
Once you actually own a Property to "let out" to your Tenant, then you need to consider whether you can manage the Rental yourself; or whether you should really hire a professional Letting Agency to do the renting for you. If you have several properties then it may be better to use an Agency.
You need to consider what the rent will be.. Many Councils have a "fair rent" scheme in place and the rent may be "capped". You need to evaluate whether your tenant can easily afford to pay the monthly rent, as you dont want arrears due to non payment. If this happens then you will need to legally "evict" the tenant. Your tenant can legally withold rent if there are repairs to be carried out, You should always ask for a deposit to cover damage, get appropriate "Landlord" Insurance; and you may need to obtain a Multiple Occupancy Licence from the local Council if there are more than 2 unrelated people renting your Property. Your tenant should not be legally able to "sub-let" your Property to someone else. You should also have a robust contract in place with tenants.
Once you have several "notes of interest", you set a "Closing Date for Offers". This means that potential Buyers are told of this, so that they can present their Offer formally to your nominated Solicitor. Your Solicitor will then do the conveyancing on your Acceptance of any suitable Offer. You can sell your Property to anyone you choose, and not necessarily to the highest Offer. Title deed transfer takes place.
Some Property Pictures
Our Mission is to sell your Home as quickly as possible, and get you the best Price, at the lowest cost; with a professional service Please come back, and recommend us to all your friends!
THE LEGEND OF KING MIDAS
Greek King whose touch turned things into Gold.
Photo Upload Tool for all of your Adverts
You can upload your Photos of your Property above using the Upload File from Device
Glasgow, Scotland. G61
[+44] (0)844 330 1579
We only charge £120 GBP for our Service which includes Advertising your Property, using the details you provide us. This is all we charge until your Home is sold (6 months)
[Adverts placed on our own Site are "FREE"]
Why Should You Advertise with Us?
To "maximize" your return on investment ie get as much as possible for your Property - you need to Advertise it to as many interested people as possible as quickly as possible, and with several "notes of interest"; you can then set a Closing Date for Offers. After this date has elapsed, anyone wanting to buy your Property will make you a formal unconditional Offer which is binding to your nominated Solicitor; who would then do the conveyancing ie Title Deed Transfer. In order to achieve this the best way to go forward is to :-
Classified Advertising with Us on this Site
Copyright MidasAgent Ltd 2019
SC 635041 Companies House, Scotland, UK.