Investors

Bringing an empty property back into use can be expensive. Before purchasing an empty property, you need to consider several things:

• How much is the property worth now?
• How much could it be worth in good condition?
• What are the renovation costs?
• What income could it generate through rents?

You should ask local estate agents for advice and appoint the services of a local surveyor for accurate answers. The figures should help you decide on the best option for you.

• The housing market
  Property prices can be higher or lower depending on which area of the borough the property is in. However, you'll earn nothing if your property remains empty. Renting a property is a good option but if you are a new landlord or you want to keep your options open find a short-term solution, such as a short tenancy, so you can review your situation.
   
• Securing your income
  If you take a loan to pay for work on the property, you will be relying on the rent to repay the loan. Speak to local agents to see if they offer a leasing package with guaranteed rent to cover periods when your property is empty.
   
• Problems
  Becoming a landlord can be profitable. But it will involve a lot of work to ensure you meet the required legislation. You could use a managing agent or lease your property if you don't think you'll have the time required.

Further information on becoming a private landlord can be found on our Advice for private landlords page or by contacting the Council's Landlord Liaison Officer (email) or telephone 01493 846310.