Property Landlord advice: Buying a House to rent Part 2.

By Steve Roulstone

Part 2; Make sure it is sound for the future.

In this second of four Blogs about buying a house to rent, I am going to concentrate on the property itself and its long term sustainability. A rental property as an investment should be looked at as at least a ten year term. This is the period of time that history suggests all property will show an improvement in value in. That is what you are purchasing after all, an investment, so at this stage it is important to be sure the property is going to give you the life span you wish for trouble free. Of course, that cannot be guaranteed at such an early stage, but there are several areas that can be researched now to limit any possible expensive problems further down the line.

Floors.

The first major area is the floors on both levels. What are they made from, do they look in good order, is there any evidence of damp on the lower floors? Are the carpets in good order? Does the property smell of damp? If there is a cellar, do not forget to look at the floor boards that will be exposed, this will help you understand the condition of the floor above. Problems apart from damp are if either electrics or heating have been installed as a secondary installation.  Alterations to a house are not always under the heading of modernisation. In the rented house I currently live in, so much was cut away from floorboards to cater for Central Heating pipes, new boards have had to be installed.

Roof.

If at all possible, always look in the loft. Old or badly fitted roof trusses can cost a fortune to replace and if you do not get in to the loft (You can always take your own step ladders and torch) you may never find out. Although it is not just the roof of the house you are looking at that will give any problems away. Have the neighbours had new roofs? If so why? No harm in knocking on a door to find out.  Upstairs the problems to watch out for are the same, only this time the damp will be from the roof, so look out for signs of damp ceilings or condensation spots, such as old bathrooms with new appliances, the two do not always go together.

Electrics.

Two points for consideration here, firstly have the electrics been modernised and secondly do they need to be modernised. To look at the latter first, with today’s electronic requirements, a lack of plug points becomes a serious problem. I have known Tenants to phone and ask for increased plug points when a property only had two per room, and because the Landlord said no, they moved. Risk of an empty property is always to be avoided! The point that must be considered is do you want Tenants to have to run extension cables everywhere? If plug points are not supplied, they will have little option. Therefore re-wiring is a cost that will have to be born at some stage. If it has already been done, then a certificate by a competent electrician will have been provided. You will need to see it before proceeding, to prove the installer was competent and that the work was carried out to safe standards. Because of your duty of care to a Tenant, without such evidence, it would be difficult to prove you had provided it!

Heating.

Another area where DIY installations are to be avoided! I was once asked to manage a house, where the DIY work was so bad, three Tenants could have died in the same instance, two from electrics and the third gassed because of lack of ventilation. Luckily we checked it all first. Central Heating which works and is efficient is a given nowadays. It has to be remembered that the selection of property is growing, cutting corners with either insufficient heating or inefficient heating is a situation to be avoided. Therefore, if new heating has been fitted then again, you need to know when and by whom? Ask for running costs as they should give you a feel for a problem if you think one exists. The boiler is then the piece of equipment that could cost the most, check its age and if it has been serviced on a regular basis?

Eyes open.

The first viewing, which if possible should be avoided at a time when the property is empty (else who will answer your questions?) Is the time to remove yourself from the feeling of being a proud owner of property. This is the time to consider all possible problems, who owns which boundary? Is it clear where boundaries lie? I always stop in each room and turn slowly, then do the same outside, front and back, garage and sheds, this is the best time to walk away – before you have actually started!