- Ask the advice of a local letting agent on local rental market demands.
- Consider a buy-to-let property as a medium to long term investment.
- Furnish and decorate to a high standard. Good quality bathrooms and kitchens will attract the best tenants and help minimise void (un-tenanted) periods.
- Make sure your sums add up. Ensure that the rent will cover mortgage payments and other costs associated with being a landlord.
- Buy anything with intensive maintenance problems (for example, large gardens will add little to the rental value but will cost you a lot in time and money to maintain).
- Allow your own personal taste to influence your decisions. Ensure the property you choose matches the local market needs.
- Use off-the-shelf tenancy agreements and other legal paperwork. Ensure your paperwork suits your circumstances and always seek the advice of a professional.
- Forget to issue the right documents or carry out a proper inventory report before your tenant moves in.
- Use second hand furniture or old soft furnishings as these may not abide by the Furniture and Furnishing Regulations.