
Yes. A written lease clarifies each party's rights and responsibilities.
It also protects both parties since neither can deny having reached certain agreements written into
the lease.
A lease should be complete with all blanks filled in and any changes or additions made before
it is signed, and each party should receive a copy.
Once both the landlord and tenant sign a lease, each is legally bound by its provisions unless
both parties agree to the change or if it is illegal. A lease is a very important legal document and
should be kept in a safe place. Changes to a lease during the tenancy are enforceable only if both the
tenant and landlord agree in writing.
"The type of investment property you are looking for should be dictated by what the local area is in
need of," says Harpreet Garcha, proprietor of Belvoir Kettering.
"In Kettering, for example, we need more three-four bedroom recent-build properties close to schools.
There are, at present, sufficient apartments and small terrace properties available to let."
Rick Flay, proprietor of Belvoir Sheffield, agrees.
"Research of the tenant demand in your location is critical," he says.
"Research the area and find out what type of properties rent easily.
Some areas are in need of extra one-bed flats to let while others appeal to the family market and are
in need of more three-bed houses.
Also, think about who's going to be renting your property.
Is there a major source of tenants already available in the area where you're looking to invest,
such as a university campus or a medical facility?
If so, capitalize on this demand - but, as Terry Lucking, proprietor of Belvoir Peterborough and Corby,
warns, "Make sure you are not relying on just one or two sources of tenant supply,
such as a local hospital or college - should a major change occur you may struggle to let your property.
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