Once you have made the decision to invest in a buy to let property, consider the following:
- identify the type of property you want – what is best for you and what is best for the type of tenant you want? Tenants are known as ‘contract holders’ in Wales. For the avoidance of doubt, any references to ‘tenants’ also apply to ‘contract holders’ unless otherwise specified
- think practically when choosing the property - if you are aiming to rent to a single person, a one-bedroom flat with no garden may be better than a three-bedroom house. Select a property that can easily be resold if you no longer want the property
- think about the age of the property - an older property may need work carried out before you can let it out
- think about the location of the property – the needs of a tenant who is a student are different to corporate tenants or families