28 Mar

Greater returns from houses to rent in East Yorkshire

Greater returns from houses to rent in East Yorkshire

People considering buy-to-let investment could find the current market for houses to rent in East Yorkshire offers favourable returns.

According to the latest LSL Property Services Buy-To-Let index, rents in the region increased by 0.8 per cent in Yorkshire and the Humber, with the overall cost of property to rent in England and Wales rising by four per cent over the last 12 months.

Landlords are becoming increasingly important to local economies. The Association of Residential Letting Agents (Arla) coined the term buy-to-let during the 1990s and the practice is now important for the growth the UK's private rented sector (PRS).

According to Arla, 71 per cent of buy-to-let investors believe renting is becoming more popular. However, buyers considering investment in property for sale in East Yorkshire to manage as landlords need to do their homework before joining the PRS.

Arla offers three core pieces of advice to budding landlords, useful before purchasing property for sale in Brough and other areas of East Yorkshire.

First, landlords need to research the area they plan to buy in to ensure a wise investment and demand for houses and flats to rent in areas across the region.

The more a landlord knows about the area they wish to let in, the better placed they are to decide which houses for sale in Withernsea or Hedon have the potential for strong rental yields.

Finance is also important – to buy houses for sale in East Yorkshire and then advertise them on the rental market, landlords need to ensure they have a specialist buy-to-let mortgage in place.

In addition, normal home insurance policies do not apply to rented properties – a buy-to-let policy is required.

Finally, when receiving enquires about property to rent in East Yorkshire, landlords should ensure that thorough checks are carried out on all potential tenants. Details such as employment status, renting history and any references available can prevent renting to problem tenants.

In addition, legislation introduced in April 2007 means it is now mandatory for deposits to be placed in a tenancy deposit protection scheme, provided by various companies across the UK.

Team estate agents can help budding landlords to find suitable property for sale in East Yorkshire, and can also help to manage rental properties.

Arla operations manager Ian Potter says it is important for buy-to-let landlords to be aware of their legal responsibilities.

He said: "Buy-to-let properties can prove to be a sensible, long-term investment, but consumers must do their research first in order to achieve success.

"[It] is a decision which must not be taken lightly."ADNFCR-1222-ID-800477349-ADNFCR

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