Buying a tenanted property

August 21, 2014

When considering your next investment property acquisition, it’s worth considering buying a property with tenants in situ.

There are many advantages to this:

1.  You wont have any voids upfront whilst finding a tenant which can sometimes equate to several months of lost rent

2. You will know, without any doubt, the rental income being achieved by the property.

3.  You will be able to check the payment record of the tenants, to make sure that they have a good track record of paying the rent on time.

4.  When viewing the prospective property, you will be able to see how the tenants have been looking after it during their tenancy.

5.  If the property is already fully managed, you will have a lettings agent already in place, allowing for a smooth transition.

At Northwood, many of our 80 offices around the U.K. offer both sides of the coin … sales and lettings.  This uniquely positions us to be able to assist landlords who wish to exit their investments, those entering the buy to let world for the first time and landlords who wish to expand their portfolio, without any of them experiencing the dreaded void period!

Our Investor page was created in order to offer Buy To Let opportunities. We have also provided a simple Buy to Let Investor Guide to explain any terms with which you may be unfamiliar.

Our listings are carefully selected by our network who are experts in this field.  Many of the properties already have good tenants paying rent, so your investment is already up and running and providing a return.  Where this is the case, we have published the current yield. If a property is not rented, then we display the estimated yield based upon current market prices.

A significant number of properties come with the offer of Guaranteed Rent, which of course provides a GUARANTEED rental income. We take on the burden of paying the rent whether there is a tenant or not and even if the tenant doesn’t pay their rent. We cover the costs of legal fees in the event that unpaid rent needs to be recovered or the tenant needs to be evicted. We remove the word “void” from the landlord’s vocabulary!  Where a tenant stops paying rent, it can typically take months to regain possession. Again, we take this risk away from you.

We received a recent testimonial for our Hastings Office from landlord Janice Bridgen who experienced the entire process with Northwood.  She awarded 5 out of 5 and wrote:

“The sales and lettings team, led by the diligent Keith Knight, made every effort to keep things running efficiently and smoothly during my house sales, house purchases and subsequent letting thereof.

Valiant performance all round from skilled and committed members of Northwood Hastings. Fully recommend them for all services. You won’t be disappointed”.

Bearing in mind that around 35,000 landlords had their properties re-possessed last year, mostly through tenants not paying the rent, the Northwood proposition looks increasingly attractive!

If you want to start your next property acquisition with rent being paid from completion, then visit our Investor Page >>> here to source your next BTL investment or call your local office for BTL input and advice about the local area.

Join our growing army of private landlords who have removed the word “void” from their vocabulary!

*DOWNLOAD our free guide:  How to find a professional letting agent*

Northwood is one of the largest and most recognised lettings agents in the U.K. and the leading supplier of Guaranteed Rent to give landlords complete peace of mind.

Find us on Twitter @northwoodUK or visit our YouTube Channel.

 

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