When looking at buy to let properties you might find a really good deal using a buy to let mortgage calculator, but this will not help you in the long run if you can’t find tenants quickly to help out with your mortgage repayments. First, make sure you are getting the best deal by finding the best mortgage calculator you can (there are plenty on comparison websites online) and compare with an interest only mortgage calculator to see if you might be able to make better repayments by paying back your interest each month and then having a separate savings plan to pay back the capital investment once the mortgage matures. This may help you out in the short term while you are looking for tenants.
The easiest way to make sure your property is as attractive to tenants as possible is to borrow enough to make the house look good both inside and outside to tempt potential renters. Get in a good gardener or landscape architect to make the outside of your property look as attractive as possible. Make sure the front door is freshly painted and the garden area is neat and tidy. If the outside of the property is painted then refresh that before putting it on the rental market as well.
Inside the property a furnished home looks more attractive than an unfurnished one (and means you can make your rent a little higher). You do not need to go overboard with furnishing and often a sparsely decorated home will give tenants an idea of what the property will look like once they’ve added their own personal touches. A plant or some attractive artwork can make the home look brighter and more welcoming, and will look much nicer, especially in letting agents’ photos online or in their brochure.
On that note it is most helpful to put your property up with a letting agent. Although it can cost a little more in fees it generally will make your property move much faster as it will then be shown to plenty of potential tenants in a short space of time.
Try to improve the energy efficiency of your property to give your tenants a better deal – installing extra heating or insulation may cost more in the short term but can go a long way to making sure you get tenants quickly – but also that you keep them.
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