Renting becomes the norm

The newspapers have been full of articles about the UK’s home ownership slump as the National Housing Federation (NHF) predicts that over the next decade, it will sink to its lowest level since the mid 80s.
With high property prices, strict lending criteria and the need for high deposits, many people are locked out of the property market and are renting. For others, it has become a choice as they wait to see if prices will fall further and not confident in the economy.
With more and more people renting, more buy to let landlords are expanding their portfolios or dipping their toes in the rental market for the first time. It’s a fact that strong yields are achievable in many areas of the UK. If you do your homework, and buy the right place, as a long term investment, property can be a safe haven for your money.
Before taking the plunge, do your research on Mortgages and Finance to make sure you’re getting the best deal on the market. In today’s climate, these change daily, so keep on top of new deals and move quickly if the right mortgage comes along. Once that’s in place, you’ll need to make sure you’ve got all the legal certificates for the properties, including Energy Performance Certificates. It’s illegal to rent out a house without this.
When you’re ready to let, get a professional to carry out thorough Tenant Checks. In some cases reference checks will need to be carried out on the tenant’s guarantor to make sure you get the rent owed to you, if they default.
If renting out a property doesn’t go to plan, don’t despair. Too many first time landlords simply write off money owed to them, when in most cases action can be taken. Legal 4 Landlords carries out Tenant Tracing services for thousands of landlords every year and have an excellent record in tracking down tenants and getting money owed.