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Getting into buy-to-let : checklist - Tiscali Property


- Compare quotes for buy-to-let mortgages

Thinking about getting into buy-to-let for the first time? Here's the Simply Business step-by-step checklist to help you out:

- Decide why you want to get into buy-to-let. Is it to build a nest-egg for retirement, or is it to build a property empire to rival Donald Trump? With a clear personal goal in mind you can make clear choices about your level of involvement and level of investment.

- Which area are you going to buy in? If you don't already, get to know the area inside out. What kinds of properties do people rent in the area? What kind of rental prices do properties go for? Where do people advertise for new tenants?

- What type of rental are you going to go for? Students in terraces, or smart executive-style apartments, or houses for longer-term letting?

- Get the right buy-to-let mortgage! How much of a deposit can you get together? How much rental could you charge (be realistic and make sure you base the figure on the local market)? How much of a mortgage do you need? To compare available buy-to-let mortgages use Simply Business's easy-to-use form.

- Get the boiler serviced and get the service certificate. It's a legal requirement so make sure you cover this off as soon as you've bought the property.

- Get proper landlord insurance. Don't forget - normal house insurance won't cover you if anything goes wrong, you need specific landlord insurance for both the building and the contents. Simply Business can sell you landlord insurance online instantly from a range of big-name insurers - get the best price by clicking here.

- Decide on DIY or an agent. You need to make a choice - do you take care of the property yourself, find new tenants, do maintenance etc - or get an agent to take care of it all on your behalf. The DIY option will cost you time, the agent option will cost you money!

- Get a contract in place with your tenants. Use a standard contract template to make sure the letting is all above board and in line with legislation. If you're using an agent they will take care of this for you.

- Do an inventory check. Again, if you're using an agent this is the sort of thing they should handle on your behalf. If you're doing it yourself, agree the state of the property with the tenant. This should cover everything from pots and pans (if included) through to any marks on the walls and doors. You and the tenant should sign the inventory once completed.

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