Once the paperwork is in hand, there are still many decisions to be made about your new investment.
The main factors to consider are location, the type of property and how best to equip and furnish it.
But before you buy your property and dash off to IKEA, you need to do some research.
You can either do this yourself or employ a specialist letting agent to help you find the area and property you are looking for.
Agents can also provide useful advice on the level of success enjoyed by existing landlords in the area, what tenants are looking for and how much rent they are prepared to pay.
Don't buy a house or flat just because it would appeal to you. You need to put personal taste aside and look at property from a purely commercial viewpoint.
Flat pack
If you go it alone then get as much information as you can from local estate agents, local papers, employers and the local council.
This will help you get an accurate picture of the demand for - and supply of - property to let.
Transport, parking, shops, schools and pubs may be important to your tenants so do some homework.
Equally, you should think carefully about buying the right size of property. Are two-bedroom places in higher demand or are tenants looking for gardens?
Time to strip
Assess the level of maintenance and repair a property may need; generally speaking, older homes require more attention.
Then there's the big question - to furnish, part-furnish or leave empty?
Again, this is where a local letting agent can be invaluable.
As a rule of thumb, most say good selling points include stripped wooden floors rather than carpets, generous storage and fitted wardrobes, while appliances you may wish to install could include a dishwasher, microwave oven, washer-dryer and power shower.
Next article in this section: The bathroom ceiling’s just collapsed…and other nightmare scenarios
Useful links
Buy-to-let mortgage best buys
Compare rates on remortgages
Get a home insurance quote online now
Get a free landlord insurance quote now
