If you are considering entering the buy to let marketplace one of the things that you will need to think about before choosing a property and its location is the type of tenant you would wish to rent your property to. There is a whole range including students, those people on benefits, retired and professional people.
Firstly it would be useful to look at what sort of person qualifies as a professional. Well, it could be argued that the likes of doctors, dentists, solicitors, bank managers, accountants and teachers to name but a few all come under this category. The list goes on as it may include business owners, sales people, IT consultants etc.
With regard to the benefits of letting to a professional, let us have a look at some of these as they may have some bearing on your decision as to whether this is a sector of the market that you would want to attract.
The perception is that a solicitor is going to be respectable and trustworthy and is likely to keep the property and its contents well looked after as opposed to let’s say some students who are more likely to hold parties well into the night and potentially cause some form of damage to the property and/or its contents. Therefore, with a professional occupying your buy to let property, you are likely to be involved in less maintenance work which we are sure that you will agree is a positive factor.
It could also be argued that a professional is more likely to keep up their monthly rental payments as they should be financially stable as they are no doubt in a secure job. This would involve you in less administration as you do not have to chase up the non-payment of rent.
The property that you choose to buy to then rent out is going to have to appeal to the professional both in terms of where it is situated and the style of property. There is a potential benefit to you in this respect as you could choose a property that is beautifully situated in a village in a part of the UK that you would love to retire to in the future.
So, as you can see, there are some benefits in renting to professionals worth considering.