Basic run down for newbie Landlords|
Please note that the information given below is a general outline of points suggested, for new landlords. Please seek separate legal advice for confirmation of the up to date laws & rights for Landlords and tenants.
Well when starting it’s always wise to save for a rainy day, as a landlord this would be for unexpected costs. Like having the boiler repaired or something similar fixed, can prove to be expensive so it will always be handy to have a safety net.
Please keep in mind the location of the property, and what type of property to purchase. It will be helpful to know the realistic amount of rent you would be able to obtain from the property. A perfect untapped source for information would be to contact as many experienced landlords, a try to learn/be aware of their mistakes and achievements.
Another reason why you should really consider a plan carefully, buying a property you would need to address the price of renovating or improving the property. Maintenance issues could also be expensive so try to expect having a loss of funds while the property is empty.
I cannot stress this enough please keep the interior and exterior of the property as neutral as possible. Not to mention the amount of money you would be able to save but also everyone has their own tastes’, and you wouldn’t want to restrict the property to a small portion of the tenant market.
Some would say be cautious about buying off-plan, personally I’ll say avoid it. It’s not a good idea to gamble on a property, the idea is to maximise your property’s potential return. Not being stuck with a property which rent can barely cover the maintenance cost, not to mention the cost to renovate the property.
Be careful with finding cheap building contractors, May save a few by selecting them. But may lose a couple of hundreds by having to wait longer for the contractors to finish their work, beware of cutting corners is a double edged sword. Also lots of people have made the mistake of furnishing their property with second hand (really old & cheap) fixtures and fixings. May save money buying them but most won’t meet the health and safety regulations, It is still wise to purchase second hand fixtures and fittings. But try to find a store which specialises in rented property furniture, or arrange an agreement were you would return anything that wouldn’t meet the regulations.
To avoid another world of trouble would be to make sure you are covered by your insurance; many insurance policies won’t cover many of the issues landlords can face. The advice would be to make a list of what is needed by a legal advisor, wouldn’t suggest cheap advice or it could prove to be troublesome later. So Rental Insurance Coverage, Landlord Content Insurance and Landlord Building Insurance, these are the most suggested but please check that you would be covered correctly.
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