Finding the right house to rent out
Finding the right property to rent out will depend on your needs. For example, are you thinking of buying a property to rent out for students? Is it for family members or children? Or is it a flat for working professionals? In any case, rental yield is usually an important factor, especially if you’re buying a second home. Another consideration is the location, you’ll want the security of having tenants, and so doing research of the area will be crucial to understand if the type of rental property you want, is right for the area. Also consider if the property is likely to increase in value, or if there work to be done that could increase the value.
When viewing properties, make sure you have a list of questions to ask the estate agent, or current owner of the property, especially if it already being used as a rental.
There are different risks to look out for when you want to rent out a house, compared to a regular purchase. Rents aren’t guaranteed, while finding good, reliable tenants can be an issue, as well as falling house prices and the need for major repairs. It’s important to keep things like this in mind when you’re in the house hunting process.