Landlords urged to 'know the market'

In order to succeed in the buy-to-let sector landlords need to know the market, from issues such as insurance for rented property to new legislation.

That is the opinion of Property Owners Directory, which has urged people to do their research thoroughly before entering the sector.

Landlords need to know their business, customers, market and property inside out before they can expect to run profitable enterprises, the website claimed.

Andy Stern from Property Owners Directory explained that many landlords are entering "new territory" by renting out homes, so doing "homework" beforehand is vital.

He said: "Properties can also vary enormously in the investment potential they offer so make you know your business."

This "entails working out an investment strategy, costing it to make sure it is financially sound and working out precisely what your target market for tenants is", Mr Stern added.

More than 50 per cent of adults in the UK think now is a good time to purchase homes, Building Societies Association research found recently.

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