Buy To Let Landlord Case Study

Date Published:

06/06/2008

Q: How will you find tenants?

A: I used local agents. The first set didn't really get their act together so I quickly appointed another agent who let the property within 2 weeks of being appointed.

Q: How will you ensure the tenants you choose are suitable?

A: I'm afraid I'm leaving this up to the agents. I work long hours and really need the property to run itself - that's really why I went for a new property. I discussed the kind of tenants I wanted with the agents and they have checked references and set deposits etc.

This is all new to me and there's a very big learning process to go through. If it doesn't work this way I may need to get more involved in the future...we'll just have to wait and see.

Q: What kind of bond will you require?

A: I think it's a months rent.

Q: Who will manage the property?

A: I've opted for a client finder service with the agent. They find the tenant for me (and charge half the first months rent). The clients sign a 6 month contract which the agents charge £25 to renew every 6 months. As the property is new I'm going to see if this works for me, if not I may need to enlist agents to manage it.

Q: Have you taken out any insurance/ completed gas checks etc?

A: Yes to all but really I didn't need to do gas checks as the property is new.