Reasons to buy with a tenant in situ
PUBLISHED: 10:50 28 December 2016 | UPDATED: 10:50 28 December 2016
21 per cent of buy-to-let investors wait at least four months before finding their first tenants, new research has revealed.
According to a recent study by Nottingham Building Society, completing an investment but not having tenants ready to move in costs buy-to-let investors an average of £2,000.
53 per cent of new landlords are luckier, signing up a tenant within two months, however.
Allison Thompson, managing director at property specialist Leaders, says: “Property has the potential to deliver both fantastic rental returns and substantial capital growth in the medium to long term.
“However, it is clear investors need to plan for the first few weeks and months of their new buy-to-let, including the possible costs of a delay in finding a tenant.”
Reasons to buy with a tenant already in situ include the immediate income this provides, the absence of the stress and hassle involved with seeking someone to move in and the reassurance that comes from having a tenant with a proven track record.
Allison is advising new landlords to buy with a tenant already situ via Leaders’ Property Investment Hub, an online resource which brings together what she describes as “the largest selection of available investment properties in the UK”.
She adds: “Many of these properties are being sold by landlords with reliable, fully vetted tenants in situ, which is an extremely convenient way to purchase a buy-to-let.”