Home Truths on buying to let

PUBLISHED: 12:39 27 October 2015 | UPDATED: 12:39 27 October 2015

Apartment block in Romford

Apartment block in Romford

Archant

Steven Bond, managing director of residential lettings at Beresfords, shares his views on buying to let

In Profile

Steven Bond is the managing director of residential lettings at Beresfords, one of the largest family-owned agents in the South East. Last year alone, his division successfully let more than 2,000 properties for all types of clients, from landlords with just one rental property, to others with sizable portfolios. Steven has been working in the property industry for more than 32 years, is very passionate about the business and is a strong advocate for licensing of all letting agents so they have to operate to a strict code of professional conduct.

Buying to let

I wish I had been given a pound for every time someone has said to me, ‘If only I had bought more property years ago when I had the chance’. Well there is still time – one of our newest landlords has just purchased his first buy to let with us aged 90! Currently the returns offered from more mainstream types of investment, such as general savings accounts and fixed rate bonds are negligible. Furthermore, some of the annuities currently being offered by pension providers upon retirement are at their lowest rates ever.

In comparison, property is a flexible asset in as much as it can be retained, rented out, sold or borrowed against. When rented out, a property can provide a regular source of monthly income and, for as long as it is owned, is likely to increase in value.

Often, those considering this concept for the first time will delay either through fear of the unknown, or a lack of time. However, Beresfords retain a dedicated team of buy to let specialists, whose sole function is to guide clients through the entire process. They help identify suitable properties, assist with funding where required, source and reference professional working tenants, move them in and then manage the entire tenancy from start to finish.

This means that our clients can focus their attentions on everyday life, which may include running a business or pursuing a demanding career, yet still take comfort in the fact that they have interests within the buy to let sector.

Always

• Work with someone who has a proven track record within the buy to let sector.

• Make sure you are told what and where to buy.

• Use a ‘regulated’ letting agent who is a Member Firm of ARLA, the professional body which regulates the lettings industry.

Never

• Dive in ‘head first’ without making sure that buy to let is the right option for you.

• Buy a property for this purpose because you would like to live there. The likelihood is, you never will.

• Accept tenants until they have been taken though a thorough vetting process.

A couple to consider…….

In Colchester, try this studio apartment with an asking price of £80,000. There is a projected rental income of £5,000 per annum and an anticipated gross yield of 6.75%. Or in Romford, this two-bedroom apartment has an asking price of £249,999 and a projected annual rent of £15,000. the anticipated gross yield is 6%.

Free consultations are available without obligation. Email Steven directly sb@beresfordsgroup.co.uk or call 01245 397491

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