Are you a first time investor?

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  • Are you a first time investor?

If you are new to property investment then you are in the right place as we can guide you through what you should be looking for.

When you invest correctly in property, it can be hugely rewarding. But, it is important you do your homework before jumping into any transaction and to make sure it is worthwhile.

It can feel like a daunting topic to get your head around especially as there is so much legalisation to stay on top of. We will try and make it as simple as possible for you.

What is a buy to let?

A buy to let refers to taking out a specific type of mortgage on a property where you intend to rent the property out to a tenant. You will not live in it yourself it is an investment. By letting out this property in turn, you become a landlord. You therefore have responsibilities in this regard.

If you are thinking about purchasing a property using a buy to let mortgage, you should perhaps ask  yourselves the following questions;

Do you have the time to be a landlord?

You will need to be realistic about the time available for you in your existing schedule to manage your property. However, we can take this away from you and manage it so you have complete peace of mind.

What are your legal responsibilities for owning a property?

There are over 150 laws now that apply to landlords when a property to let comes on the market. It is exceptionally complicated which is why it is important that you have us to ensure that you not only purchase the right property but are able to stay on top of the legalisation.

Ensure the property stays in good condition.

You are now a landlord and you are required to ensure that the investment property stays in sound condition and take care of any buildings that are required. This includes but is not limited too fixing any structural damage, roof repairs and maintaining the exterior paint work. Obviously, this is different if you are on a leasehold property.

Gas safety.

Landlords are now responsible for gas safeties when they own a property. They must make sure that the gas equipment is safely installed and maintained by gas safe registered engineers. They must also have a registered engineer doing an annual gas safety on each appliance and flues. A copy of the gas record must be given to each of the ingoing tenants before they move in and any subsequent renewals within 30 days of this being carried out. You should keep the gas records for a minimum of 2 years if not longer.

Carbon monoxide and smoke alarms.

Since the 1st October 2015, when properties are occupied by tenants, a landlord must ensure that a smoke alarm is fitted on every floor of the property in which a room is used wholly or partly as living accommodation. A carbon monoxide alarm in any room where solid fuel burn is used. This now includes boilers. Checks must be made by us to make sure each alarm properly works on the first day of the tenancy.

Right to rent

Under the immigration Act you are required to ensure that your tenant has the right to rent in the property. Why not read our article here.

Electricity

Landlords have the legal duty to ensure that their rental property and any electrical equipment provided is safe before a tenancy begins and throughout the duration. They must ensure that the electrical systems is safe and all appliances they supply are safe. Landlords should provide tenants with a EICR, click here for more information.

There are various other regulations and don’t hesitate to read any of our articles on these.

Do you have your finances in order to purchase a property?

Just like buying a property to live in, you will need to ensure that your finances are all in check before looking to purchase a property to rent out. It is important if you are looking for a buy to let mortgage or other financing options. What many people don’t take into account is that it is really important to ensure and understand your own tax position. We often find that people don’t realise that they will need to pay tax on any income they receive from their buy to let. Sometimes even purchasing a property with a mortgage and then taking into account your tax position may mean that in real terms it gives you very little income. You may not be buying it for income in the first instance, you may be buying it for capital growth.

Are you interested in yield or capital growth?

Rental yield is the actual return you get from the money you have invested. Capital growth is where you look to increase the capital value of the property. However, you need to realise property goes down as well as up and it is therefore so important to understand what you are looking for in your investment.

Where and what would you like to buy?

Do you want to buy a property near where you live or the other part of the country? It is very important in our personal opinion that you buy a property that is local to you. We have had investors in the past purchase properties all over the country but they have found they didn’t take into account the travel as well the cost in this regard.

What properties can we purchase?

New build property.

This will have an NHBC Warranty, a two year appliance cover, sometimes has developable incentives. Will have no remedial works and a potential yield scheme. Ie they give you a guaranteed income from the date you purchase it.

Re-sale property or often known as property on the current market

This could be property accessible for all budgets, has a monthly yield, a capital growth and no waiting time for the property to be built.

Commercial property

These can sometimes produce high yields but they are diversified in risk. Especially when they are multi tenanted properties. They are potential tax benefits as well as long multi year leases makes income more predictable.

Contact us to discuss what you are currently looking for in this regard.

Why not look at our current properties for sale here.

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google-review Review
Tegan
Tegan
17:30 22 Feb 24
Have been very accommodating and helpful when calling agents. They have been very helpful in being able to secure a house for students.
TheFlyingCrocodile
TheFlyingCrocodile
16:42 21 Feb 24
Went above and beyond to get things sorted for me
Brittany Stace
Brittany Stace
11:18 24 Jan 24
Harringtons have been incredibly helpful and supportive of us as new renters and they have been super efficient in getting all of the documents sent through and signed in such a short period of time. Thank you!
Georgie Prebble
Georgie Prebble
20:36 05 Jan 24
Jade Innes
Jade Innes
10:24 04 Jan 24
So far the service has been good. The staff are very friendly and quick to respond to any questions and requests.
Polly Smith
Polly Smith
11:17 28 Dec 23
we chose this letting agents as they chose a good bills company that is much cheaper than other agents. When viewing houses the staff were very friendly and have been very helpful in answering our questions and making the process as easy as possible.
Emma Howe
Emma Howe
16:06 14 Nov 23
I would rate Harringtons Lettings a 5/5. Very lovely on the phone and very quick and easy to communicate with via email. Any problems have been resolved in no time at all. So far so good!I found Harringtons via Rightmove.
Akwisitions Feedback
Akwisitions Feedback
16:25 30 Oct 23
Very responsive and super helpful throughout the process. Highly recommended!
Chloe Ballard
Chloe Ballard
17:28 02 Oct 23
Although I have only been renting with Harringtons for a short period of time, I have had nothing but a positive experience. From viewing to admin updates. The admin team especially are very polite and quick to respond and I have no doubt that the rest of my tenancy will run smoothly. I would recommend to anyone considering renting in brighton.
Matthew Ball
Matthew Ball
11:46 19 Sep 23
Professional communication with tenant although entirely impersonal. There was a bigger disconnect in their communication with the landlord in most cases, which seemed to be either slow or non-existent (discovered after contacting the landlord directly).Property was full of spider webs on day 1 despite apparently being professionally cleaned. Took a day off of work to clean it on move out day, leaving it cleaner than when it received but still had to pay part of the deposit for professional cleaning.It has been a while since I have rented, but I'll avoid letting agencies completely now if this is anything close to the average renting experience.
Ronan SK
Ronan SK
12:38 12 Sep 23
Great professionalism/communciation from the start up until the end of my tenancy. Definitely set the standards for what agencies should be like. Highly recommend to those within Brighton.
Daniel Sutton
Daniel Sutton
10:29 24 Aug 23
I have rented with Harringtons Lettings before and have always found the agents to be quick, efficient, friendly and helpful. I loved their service so much I have chosen to rent with Harringtons again. Faultless 😊
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