Landlord Resources

Have a look at

21 questions to ask at an investment property viewing

No one has an exhaustive list I fear. Mine is in my head I`m afraid and so cant be downloaded easily . Its got 100 questions or more on it though. Each question has maybe 5 more that emerge after that question has been checked off. Its never ending. I add to that checklist every day. Like our universe the list keeps expanding.

Do I get any karma please or have I just copped out of answering your question

Hopefully someone else is better organised than me and will have put pen to paper at some point . Sorry I cant be more help
.

Thanks Jonathan and Vanessa predictably useful stuff :-)

Tom

If you are looking at finance on the property these are factors that may affect mortgage availability .

• Is the property in good condition?
• Is there any essential work that needs doing to it internally or externally, what are they and how much experience do you have with renovations?
• Are there any legal points to consider e.g. flying freehold, rights of way, planning permissions, covenants
• Is anything attached to property eg solar panels, advertising hoardings
• Any commercial premises in the vicinity
• Flat roof (part or full)
• Any ground issues (water, mines, knotweed etc)
• Any nearby electric substations and overhead power lines.
• Is it not made of brick/tile
• Is it next to a licensed premise or food outlet
• Do you own the adjoining premises

Dear Tom,

We are just starting up our property business and probably going through the same questions as you. We are hoping to buy a little BMV with plans to refurb and rent with deposit recycled with a remortgage a year or two down the line. This is our list I have developed that I am doing for the properties I see. It is long but I worry about turkeys too. We started considering flats and house so it is written for both - we are going down the house-only route now though. I have it in a word doc and just scribble next to the point as I go around the house. I'm sure with time I will do it automatically but we are not quite at that point just yet.

I drafted a similar checklist for locations and letting agents as well. I am a bit obsessive I suspect....

If you find it helpful then please send that karma ASAP.

Andrew

----------------


Property checklists
Address:
URL:
Estate Agent:
Date first researched:
Updated research dates:

Property valuation:
How much are they asking for?
What is the market value for this property?
When did it come on the market?
When did it last sell and how much did it sell for?
Has it dropped in price or had a failed sale (if so why)?
Is it listed with more than one agent and if so then why?
Do the photos of it on the site show it unfurnished?
Do the adverts state it as ‘open to offers’, ‘no onward chain’ or ‘vacant possession’?
Are there trivial points with the property that will put off other buyers (poor photos, bad smells, overgrown garden etc)?

What is the expected rent?
What is the expected gross yield in properties like this locally?
Will it reach the expected rent?

Financials: (I have a spreadsheet I have written to stack properties that I can cut and paste into here – it has the yields, ROI, breakeven interest rates and rents etc that take all the questions below into acount)
What is the calculated net yield (state predicted mortgage, letting agent fees, insurance values used in calculations)?
What would be the projected ROI?
What would the breakeven rent be at current interest rates plus 3%?
What would the breakeven interest rate be at expected rent?
Do we expect significant capital growth?
Is the asking price close to a stamp duty threshold?
Are there factors that lower the property value?

Comparison values (for sale):
This similar properties for sale nearby – I make notes on the pros and cons of each property to see whether the property I am looking at is worth more or less than this on balance (ie the road, size, garden, condition etc)
Comparison value (sold):
Prices of similar properties nearby with similar notes
Zoopla Estimates:
Estimates of the MV on zoopla

Property details:
What is it (house/flat and rooms)?
Is it freehold / leasehold?
If leasehold what is the ground rent?
If leasehold what is the service charge?
Is there reserved parking or other parking (incl on or off road)?
Is there a garden? How large is it? Easily maintained?
How does it compare to other similar properties on the market?
When was it last renovated?
Does it need renovating? If so what needs doing?
Electrics
Windows (double glazing / UPVC)
Structural issues (building materials)
Dining room
Kitchen
Bathroom
Other toilets/bathrooms
Paint
Boiler type
Gas / electric
Heating type
Floors
Room for white goods
Garage
Garden
Other rooms / buildings
Any flat roofs
Any issues like knot weed, close by trees etc to lower value / cause damage?
Can value be easily be added?
Could you extend?
Could you transform an ugly exterior (pebbledash bad)?
Can you create off-road parking?
Is there potential for a loft conversion?
Could you remodel?
Is there scope for further development?
If new build does it have a NHBC certificate?
If it is a flat is it on the ground or lower-ground floors (not desired)?
What is the credit rating in this area (https://www.checkmyarea.com/)?
What broadband is available?

Tenant details:
Is it already let?
Who would the obvious tenants be?
Would it need to be furnished (not desirable)?

Location:
Is it close to the main train station (<1/2 mile or <1miles or more)?
Is it close to other train stations (<1/2 mile or <1miles or more)?
Is it close to a convenience store (<1/2 mile)?
Close to major supermarket?
Is it Waitrose?
How good is the local primary school?
How good is the local secondary school?
Is it on a bus route?
Is there a park or recreation area nearby?
Is there a leisure centre nearby?
Is it on a major/busy road?
Is it immediately next to train tracks?
Is it immediately next to a depot or other noisy / busy commercial building?
Is it above a shop (not desirable)?
Are there smelly restaurants etc nearby?
Is there a flood risk?
Are there pylons or wind turbines nearby?
Are the advertising hoarding nearby?
If I were the target tenant what would I want changing?

Summary:
Good points:
Bad points:
General impression:
Estimated refurbishment cost:
Advised action:
Bid history with dates and values:

Great post Andrew

Usually when I look at similar I think that's not on or that isn't right. Not in this case.