No-one - including us here at Clear Lets - can deny we're experiencing the full-blown after-effects of a recession.

So what does that mean to the existing property owner? Well, in the past it's meant a time of uncertainty and no doubt the odd sleepless night. But we trust his or her dreams are rather more positive-focused these days because if there's one person who is benefiting from the current recession, it's the landlord.

Not that he particularly relishes the fact that first-time mortgages are hard to come by these days thanks to sky-high deposits and additional stipulations. Not to mention the precarious job situation.

"However, this situation is not going to last forever and landlords who want to improve their property portfolio should consider buying NOW," said Myra Blaik, Operations Director, Clear Group Scotland Ltd. "It's also a good time for those keen to dip their toe into the Buy to Let market."

After you've bought the flat, the next sensible step is to head out and speak to a lettings agent. Why? Well, here's a few questions to ask yourself for starters:

  • How much involvement do you want to have in your property ie are you quite happy to get mired in the day-to-day trials and tribulations of eg a broken boiler, flaking paint, a washing machine playing up?
  • Are you up-to-date with current landlord legislation?
  • Are you happy to inspect your property on a regular basis?
  • What's your insurance cover like?
  • Do you know your rights are were a dispute with your tenants to arise?
  • Are you confident you'll always receive your rent on time (we're hoping you haven't become 'buddies' with your tenant here)
  • Are you up-to-date with gas certification legislation?
  • Are you just hoping for a nice, quiet life? If so, then you MUST get a letting agent involved.

Naturally, getting a letting agent involved includes a fee. But is that such a bad thing when weighed with piece of mind? And in the end, the letting agent's agenda is the same as yours ie to get the flat rented and ensure there's no void periods. A letting agent will do all the advertising and marketing for you and they'll also - on the basis of probability - get the flat rented quicker than you will.

For further information on what a Lettings Agency can do for you contact one of Clear offices and speak to a member of staff.

View other news from August 2010