Buy to Let Guide

• Top Tips
• Property Types
• Points to Consider
• Location, Location, Location...
• Finding Your Property
• Tenanted Properties
• Talk To Us Before You Buy
• Finance
• Standard of Interior

The following guide gives useful information to be considered when choosing a property suitable for renting. Once you have short listed a selection of properties we strongly recommend you contact us as we can advise on the rental value, the suitability of the property, any local information relevant to the property and give you an update on the current letting market.

This service is FREE, our letting staff have an enormous wealth of experience and local knowledge and enjoy helping landlords to choose their properties. You can call us or pop into our offices at any time.

The following guide gives useful information to be considered when choosing a property suitable for renting in our area. Once you have short listed a selection of properties we strongly recommend you contact us as we can advise on the rental value, the suitability of the property, any relevant local information as well as updating you on the current letting market. This is a FREE service, our letting staff have an enormous wealth of experience and local knowledge and always want to ensure landlords choose the best possible properties.

Top Internet Tips

The internet has given us amazing tools to quickly find out information to help landlords make informed decisions when purchasing properties.

• Use our rental yield calculator on our website; www.premier-lets.com to compare the likely returns from different types of properties
• Use www.rightmove.co.uk to search for properties as all sales agents in this area advertise on this site. Sign up to be sent emails each time a new property matching your criteria.
• Use www.upmystreet.com to research areas by looking at the types of people, crime statistics, local facilities, schools and transport links.
• Use www.houseprices.co.uk to find out the most recent sold prices in the road you are considering buying in.
• Use the local council's website online planning facility to check proposed planning developments and results of past planning applications. The Lewes district direct web address is www.lewes.gov.uk/environment/1139.asp.

Property Types

Studio Flats

This is the cheapest accommodation available from letting agents. Tenants tend to be young, single and on low income. There is a higher turnover of tenants in studios compared with other types of accommodation.

One Bed Flats

These are highly sought after as there are a growing number of young couples opting to rent rather than buy in the current market, as well as many single occupiers. These tenants tend to be young professionals who prefer apartments with modern interiors, parking and situated in close proximity to a town centre.

Two Bed Flats

This type of property attracts professional couples, sharers and single parents. Two bedroom flats/apartments with gardens are highly sought after.

Three Bed Flats

Accommodations of this size can be more difficult to let, as families will often prefer a house with a garden, which means they have a limited market. They are attractive to sharers, but these tenants tend to be young, transient and often noisy. If blocks are suitable for sharers it can help them to let more easily.

Two Bed Houses

These are popular with small families, single parent households and couples, especially if they are near to a school and the rent is affordable for a couple with only one income. A garden/patio area is essential.

Family Houses

There is a good demand from families for four bedroom properties, but the rent must be affordable and the property situated close to local schools. Higher value houses are not normally bought for rental purposes and so there are relatively few of these properties available. They do let well, but tenants will expect a good standard of accommodation.

Points to Consider

• Buy to Let is a mid to long term investment
• Property values can go up or down
• Always research the local rental market and seek advice from a qualified local letting agent
• Consider the market for rental properties (e.g. the majority of tenants are aged 20-35)

Choose low maintenance properties (i.e. avoid large gardens)

Location, Location, Location...

The location of a property affects a rental value in the same way as it would a purchase value. Properties nearer to cities, such as Brighton & Hove, command the highest rents and the greatest demand is for those in areas, close to amenities and public transport.

Brighton & Hove

This is a vibrant seaside city which is full of culture. It has a highly regarded university and a high number of language schools, which means that the town attracts a high numbers of students. It also has excellent amenities, a vast range of bars and restaurants, and a famous beach.

Rottingdean

This is a very desirable village and seaside resort that is just five minutes drive from Brighton & Hove. Due to the high purchase cost of properties in this area, there are relatively few available for rental and parking can be difficult in the village centre.

Saltdean

This town is classified as part of Brighton & Hove and due to its proximity to the city it can demand good rents, but the cost of purchasing is higher. Relatively few properties are available to rent in this area, as it is predominately owner occupied housing. Apartments and flats within walking distance of the bus service to Brighton & Hove are highly sought after.

Telscombe/Peacehaven

Flats and small houses let very well in Peacehaven and attract renters who work in Brighton & Hove. It is important that rental properties are close to bus routes and apartments on the cliff top have fantastic views and therefore, attract excellent tenants.

Newhaven

This area has a good selection of affordable two and three bedroom properties which attract families on lower incomes. West Quay marina flats and houses are highly sought after.

Seaford

There is a wide variety of tenants in this area, ranging from single occupiers to families. It has the advantage of a railway link to London, as well as an excellent range of bars and restaurants. Properties near to the town and seafront are always desirable.

Eastbourne

This is a large seaside town with full amenities and excellent beaches. Property prices are cheaper here, but you need to bear in mind that rents are lower.

Surrounding Villages

There is always a high demand for all types of rural properties in any category, as there are very few properties available in these areas.

Finding Your Property

All estate agents advertising properties for sale in this area can be found on the www.rightmove.co.uk internet site. The site allows you to register your requirements and receive email alerts when a new property matching your selection becomes available. The site includes photographs of the property.

Estate agents advertising their properties will normally only display internal pictures if the property is in good order. If there are no pictures available you can be certain the property requires updating.

Before proceeding on the purchase of a flat, always find out the annual service charge and ground rent. The average service charge is £600-£800. Blocks of flats which have lifts, flat roofs, and landscaped gardens will have higher charges due to the increased maintenance. Also, blocks of flats with lifts will attract elderly occupiers, which can make it difficult to find suitable tenants as mixing ages can cause problems. Always ensure from the beginning the lease allows for sub-letting or you could purchase a property that you cannot let.

Tenanted Properties

Buying a property with tenants already in situ can be a cost effective alternative for landlords as the rent will be in place as soon as the sale completes. Make sure the rent paid by the tenant is the market rate as if they are paying a lower rent they may not be in a financial situation to have the rent increased. Also, make sure that they have an Assured Shorthold Tenancy and that they are not regulated tenants.

Talk To Us Before You Buy

We strongly recommend that you contact us once you have short listed some properties. From the property details and photographs, we can impart some of our expert advice to you and give you an approximate guide to the rent they would bring. We can also let you know if we are aware of any adverse problems in that area. We offer this as a free service, as we have found that landlords are far more confident in making their choice once they have spoken to us.

Finance

Most landlords require finance to purchase a rental property; therefore, it is important to understand the criteria of lenders before deciding on what type of property to buy.

The majority of landlords finance the purchase of their rental property using a specialist Buy to Let mortgage. These types of mortgages require a minimum deposit and they normally apply a calculation to the rent to ensure that the investment is viable. The best policy is to find out the current criteria required for Buy to Let mortgages before commencing your property search. Also, you need to be aware that some lenders do not lend on ex-local authority properties or flats above shops.

As with all markets, it can go both up and down. Therefore, investors should always regard buying a rental property as a long term investment.

Standard of Interior

Decoration

With the exception of brand new properties, most of those bought for rental will generally require some redecoration. Once previous occupiers have removed their furniture it will uncover faded and tired areas. Some renters are quite happy to redecorate if offered a small incentive. When redecorating always use a white or cream colour scheme, so that your property appeals to the largest market.

Flooring

For rented properties it is always best to select neutral coloured carpets or laminate flooring. Flats should be fully carpeted so as to minimise sound problems, this is a requirement in the majority of leases. Also, try to choose a colour that will not show dirt too easily, such as, beige with a fleck and make sure that the carpet is suitable for regular steam cleaning. Never put a light cream carpet in a family home as it is far too stressful for parents.

Curtains and Blinds

It is not necessary to provide window coverings in rental properties, as curtains in particular are cheap to buy and tenants prefer to choose their own so that they can personalise their home, although we do advise that you leave curtain rails.

Gardens

Properties with gardens, especially those in lower rental properties, such as, flats are always in demand. Avoid choosing a property with a large garden, as most prospective tenants do not have the time or inclination to care for a large garden. Patio gardens are preferred, although families with small children may require a small grassed area.

Cleaning

Before viewings commence, ensure that your property is thoroughly cleaned. Tenants have to clean the property when they vacate or the cleaning costs are deducted from their deposit.

Furnished or Unfurnished

There is very low demand for furnished property is this area and therefore, a furnished property can take longer to let and it will generally not command a higher rent. It is relatively cheap to purchase furniture these days and tenants are more inclined to stay longer if they can choose their own furnishings.

If you do furnish your property or need to let it furnished, you must ensure that all furnishings meet the latest fire and safety regulations. If you leave white goods, such as, fridges or washing machines, please bear in mind that you will be responsible for their maintenance. With modern built in kitchens, cookers are now expected as standard. You may want to consider supplying washer/dryers in properties which are prone to condensation to prevent tenants from drying clothes on radiators.