Redbrick can benefit landlords through offering advice and guidance in areas such as:
There could be a whole host of reasons as to why you want to buy, from it being the preferred option to a traditional pension, or maybe your savings interest rates are falling below your expectations. From the start you need to know exactly what you should be looking for, what cautions you will need to take as an investor, whilst looking at your investment as if it is you that is renting the property.
Firstly, if you don't have a specific location in mind that you want to begin looking in, then begin by researching the different locations available. There are many guides online to areas, local amenities, schools and other life essentials, so have a look around to find where you think will suit you best.
This is a good point in the process to get Redbrick Properties involved as we can back up all the good background work you have put in giving you reassurance, or perhaps give you some local industry knowledge which will allow you to sit back and take stock. The bottom line is we will give you an unbiased market appraisal, not just of the present market but we will also give you our predictions of what to expect medium to long term.
Once you feel that you've found the right location, you will need to find the right estate agents, and it's always a good idea to check that these are part of the National Association of Estate Agents. Stress to a sales negotiator that you are a serious buyer and have your buy-to-let mortgage agreed in principle. Choose a couple of agents who will actively get out there and make it happen for you; they will also make sure your sales progress is a smooth one. You may be surprised to learn that the sales fall-through rate between each individual estate agent in Leeds varies a great deal.
Now you're starting to view properties, this is the point where you need to begin thinking like you are buying this house as a tenant, asking questions such as, is there enough parking on the street or driveway? Is the kitchen big enough in comparison to the property size and number of bedrooms? The age of a property, a new build will entail less maintenance.
When looking around a potential property you should really take into account the things that could affect you should you become the landlord, and the responsibilities that come with this. Make sure you have a good look for how well maintained the home is as this could indicate how on-the-ball the current landlord has been. If there seems to be quite a few faults, basement conversion perhaps not the best and missing fixtures, then it may be that they have not been the most efficient of landlords. The last thing you want is an inherently bad property and the headaches it can bring. Typically, a landlord should put aside around ten per cent of their rental income for general maintenance, décor and property improvements.
As well as asking the obvious 'do the figures stack up' questions, try to think outside the box, for example, a newly or recently fitted boiler could significantly reduce the cost to the tenants gas utility bill and keeps a landlords repair bill to zero as there's a good chance it will be under warranty with the boiler manufacturer. Always ask to have a look at the boiler and heating system, and maybe even take a qualified Safe Gas heating engineer along. A heating engineer will even inform you if a particular boiler manufacturer's warranty is worth the paper it's written on. Some boiler manufacturing companies can take up to a week to come out to get the hot water started again during busy periods.
Once you have shortlisted your properties and you have built up a relationship with Redbrick, we can advise and even meet at a potential favourite. We can also discuss any property regulations specific to that particular property. Ultimately we want to manage the property so it's in our interest to be in for the long haul.
We will ensure the switch over to Redbrick's Landlords Management service is seamless using our expertly compiled hand over checklist. We will make sure the legal paperwork that is passed over is carefully checked and any missing documents/information highlighted. Also, we will register the deposit in the new landlords name via MyDeposits within the allocated timescale.
We will make an initial visit to the property to carry out a risk assessment and to check for any property regulations that may have fallen short. At the same time we will introduce ourselves to the tenants in person as well as formally in writing in order to make arrangements such as completing new standing order forms, etc.
With over ten years' experience, we will make the whole process an enjoyable one and avoid any potentially expensive pitfalls. Also remember if you want advice on any further property investment or perhaps to recommend a friend or colleague who wants a general overview on market conditions, then we are only a phone call away.