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WHAT TO CONSIDER
When deciding to buy a property to let it you should consider some important things. Try to find a balance between the value of the property for mortgage purposes and the rental yield that can be attained. Try to calculate any possible expenses you might have and the income you might gain, pay attention to the void periods. Do not purchase anything with potential maintenance problems.
 Where?
The location is very important for investment property. You should gain knowledge of the local market. Properties in areas with high demand such as areas surrounding college universities, give the best return on investment (RIO). Conversely, properties in areas with less demand, such as rural areas, tend to given lower RIOs.
 What type?
When letting a house the best returns come from shared houses, but there may be extra maintenance costs. The higher demand for letting is usually for flats within walking distance of the city centre or transport links. Before purchasing a flat check if the permission to let is granted. A good buy to let investment are the small blocks of flats due to the high yield and re-sale potential. Another advantage is also the control over the property in respect of ground rents and maintenance charges. If you need big income invest in House of Multiple Occupation (HMO's). They generate good income because the rents are high and usually are charged by person. But be prepared to put in the work associated with regular tenant changeovers and refurbishments. Also the resale of this properties can be slow and difficult because the purchasers are other investors.
 Furnishing and Redecoration
If you are going to furnish the property you are letting you should do it right. The furniture should be new - second hand furniture could reduce the rental value and may not meet the Furniture and Furnishing Regulation. Also it should meet the fire and safety regulations. Furnished properties are much more desirable and appealing to a large potential market and the void periods are likely to be shorter. If you decide to let the property unfurnished again you will be expected to provide white goods such as cooker, fridge, washer, etc. Also you have to prepare a budged for redecoration. Ignore your personal preferences and choose neutral colours that go with anything.

 Management
The way to a successful letting goes through finding tenants as well as doing the paperwork right. If you are not going to hire property manager or letting agent, join a landlords association - it will keep you abreast of the law and provide you with all required paperwork.
 Insurance
Another important step is to take an insurance. A landlord insurance policy will need to cover additional risks e.g. payment of rent in the event of property being uninhabitable due to fire, flooding, structural defect etc.



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Created by Toast.it
USEFUL CONTACTS USEFUL CONTACTS  
Some useful contacts if buying a property to let it.
BUY TO LET INVESTMENT BUY TO LET INVESTMENT  
Buy To Let investment
TYPES OF TENANCY TYPES OF TENANCY  
Which are the three most common types of tenancy and which one is best for buying to let.