It has been a while since I was a tenant rather than a homeowner. We rented in Ramsgate and again in Gloucester when we moved to the area which is my home town. I remember Lee coming to find us a home to rent – knowing that this would be the place we would bring our baby too. Being heavily pregnant at the time Lee made the trip to Gloucester alone and found it really difficult as he had no insider knowledge of the area and he relied on my parents and best friend to point him in the right direction. Eventually he found us what we needed in Abbeymead an area we have lived in ever since. A place in which we are raising our family and a neighbourhood where we have become school governors, part of the local football teams and a place we love living. Knowing an area is really helpful, we moved to Ramsgate in the summer and I spent many hours sitting on the beach thinking how amazing it was to live on the coat – by November I saw the coastline and costal town very differently, it was cold, windy and rather deserted.
Renting in Gloucester and especially in Abbeymead is tricky as there are not lots of properties readily available. I would be interested in buying a second property as a rental income because having money in savings doesn’t seem to be yielding any returns now. I see the option of becoming a landlord as a way to grow my money and protect my future.
HomeLet are launching the second edition of their ebook series that offers advice to local landlords. The first edition of the ebook focused on three key UK regions Greater London, South East and North West but the second is looking at Wales, The South West and The Midlands.
If you are considering renting in the South West it is wise to do your research and these pointers can help focus you:
- As a parent schools should be a key concern. You can find out where the best school for your child could be by using the latest Ofsted reports and speaking to others in the local area.
- Amenities in the local area- are there places for the children to play.
- Are you on local transport links for getting to work or being able to travel easily. Never underestimate the importance of busses especially when you have teenagers who are out and about all the time.
As a Landlord
- When buying a property know who are your target renters, are you looking to provide accomodation for a family, house shares or students. Research your target group and buy according to their needs. Students often need to be in walking distance of their campus.
- Research and be prepared by reading and understanding your responsibilities to potential tenants.
- Take out HomeLet Insurance which covers landlords against potential losses due to damage or complications from the rental property.