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Buying To Let, What's The Score?

Posted on 28 November 2016
Buying To Let, What's The Score?

With so much uncertainty and so many conflicting forecasts as to what may happen following the UK’s decision to leave the EU, housing promises to play a central part in the unfolding social drama.

Currently interest rates are at a record-low level, making mortgages cheaper.
Against that, would-be buyers now are required to raise hefty deposits. And with such minimal returns on savings, money is not growing at an appreciable rate in any bank or building society. Saving, therefore, is slow.

In the current circumstances, renting is the only real option for a lot of people, especially the young, many of whom are not particularly well paid despite some having excellent paper qualifications.

Their frustration and sense of disappointment is understandable; a student loan debt of £40k in exchange for a 2:1 and a minimum wage job? Thanks.

But landlords seeking to avail of the opportunities arising from people’s inability to buy have been frustrated, too, not least by the plethora of changes in legislation and the new, higher levels of taxation.

Supposedly in a Government attempt to ensure the availability of more property for families, landlords have been hit by a swathe of charges and changes designed to make letting less lucrative and attractive.

In this particular climate, the possibility of meeting the needs of tenants and landlords alike is one well worth exploring.

Aria, however, were ahead of the game; they have been doing that thoroughly and to great effect for almost a decade. As a result, they have established a reputation as agents par excellence.

Having studied market demands, prices on a like-for-like basis, profit margins from the landlord’s perspective and customer satisfaction from the resident’s point of view, Aria have come up with a comprehensive yet realistic list of goals and objectives designed to help both parties get what they need from a transaction.

Aria have been operating since late 2006, spending considerable time and investing substantial resources to perfect the skills involved in helping the right landlords and tenants find one another, so leading to a partnership that satisfies the needs of both.

A good partnership has nothing to do with ‘chance’. Instead it is about attention to detail, adherence to the highest legal and moral standards, compliance with the law, provision of paperwork/contracts confirming agreement on undertakings and commitments to one another, plus the guarantee of practical support in any emergency.

To that add a second-to-none management book and data bank and you have the ingredients for successful searches for the appropriate pairings, in tandem with multi-media marketing which puts the proprietor’s property in the biggest possible figurative shop window.

Landlords need to know that certain things will be done for them. They want an agent who knows the law, understands how business works, meets all the required standards and can be trusted to take the weight of the paperwork in terms of drawing up contracts, drafting itineraries, checking out credit status, running identity checks and so forth.

Aria major in each of those roles, taking responsibility for all such matters and thereby freeing the landlord to get on with other things for which he alone has responsibility and with which only he can deal.

Aware of a landlord’s primary objective, which is to make money from rentals, Aria know the importance of ensuring that any tenants they place in a property will pay their rent on time and in full.

That is why they run credit and identity checks, as well as confirming the credentials and status of any guarantor(s). Only then will they proceed. Again, attention to detail in pursuit of perfect results.

With a bank of names, each of them authenticated and verified, Aria can save landlords a lot of time and energy by turning up the most suitable tenant(s) for a particular property.

That, too, is vital, for the last thing any landlord wants is an unoccupied property. No money in that.

Aria are highly successful in matching the whole gambit of tenant-types with the right property.

Some pay £400 per month, others pay £2,000. They range from individuals and families seeking short, medium or long-term contracts through to company executives or businessmen and women who are going to be in Belfast for just a few days.

With the market being as it is, the need for rental accommodation is on-going. And while certain changes in taxation and legislation may have made things harder for landlords, there is still an income to be made from letting.

In the right hands, that can be maximised.

If you are an existing landlord, or if you are thinking of letting or buying to let for the first time, contact Aria for advice, guidance and help on every aspect.

Contact us now to find out more