Sunday, 3 April 2011

Buy to let mortgages: risks and benefits

It is common at the moment for letting properties to be offered unfurnished, also known as “part furnished”, as letting properties almost always include white goods, attractive bathroom, curtains and carpets. Very central London is the exception to the rule where furnished buy-to-let properties are more likely to let because of the large proportion of business tenants in the area.

For property landlords, this makes life a lot easier. All that is required to get a property ready for tenants is in most cases a bit of carpeting and painting work. When it comes to choose carpets, paint colours and curtains for a buy-to-let property, make sure that you choose a fairly neutral style to allow tenants to personalise the property with their own furnishings.

This also makes life a lot easier for landlords when it comes to comply with safety regulations. A furnished buy-to-let property will usually include pillows, cushions, and mattresses. Because these items are provided with the property, the landlord is responsible for ensuring that they fully comply with the safety regulations in place.

You should not that in every case the landlord remains fully responsible for the safety of gas and electrical installations as well as appliances supplied with the property. This needs to be ensured via regular checks and proper record keeping. It comes without saying that buy-to-let properties, like any property, should have smoke alarms fitted.

These safety regulations are usually quite complex and updated constantly. Letting agents are usually well prepared to understand and ensure compliance with these safety regulations. Often compliance is not difficult to attain, but for a new buy-to-let landlord this is something they must become familiar with from the day they go ahead and put a property on the market.

For more info check out this buy to let mortgages blog. Great advice in this buy to let mortgages article as well.