A recent article for the BuyAssociation revealed that there has been an increase in the number of people investing in property for the first time in recent months. That means there are new landlords entering the buy-to-let (BTL) sector and, if you’re one of them, you might be looking for some guidance around how to get started.
The news provider shared research conducted by Direct Line, which found that 59 per cent of landlords said that drawing up a tenancy agreement was one of the areas where they had the biggest gaps in their knowledge when they started out.
Another area where new BTL landlords admitted to lacking knowledge when they first started renting property was in relation to eviction law, with 51 per cent stating they didn’t know enough about this.
With the Covid-19 pandemic, and the changes this has brought to eviction laws, it’s essential that you are clear about how this works when you’re just getting started.
Almost half (49 per cent) of those surveyed also admitted that they were unsure about deposits. This is easier than it used to be, with authorised tenancy deposit schemes that protect both the landlord and the renter in the event of a dispute.
Brushing up on these three areas is therefore a good place to start if you’re a new landlord. Having a solid understanding of tenancy agreements, eviction processes and deposit schemes will stand you in good stead when you get your first tenants in.
It’s also worth considering the demographic who you’ll be renting your property to. Property Reporter recently shared research from Paragon Bank, which revealed that the number of people aged between 55 and 64 who are renting in England has climbed by 118 per cent in the past decade.
If you’re looking for assistance to get your property on the market for renters, get in touch with our letting agents in Ingatestone.