Guidance for Landlords, Risks of Buying and Letting a Property.
What are the risks and problems involved with buying and letting a property?
At Tabern Property Consultants we want to make sure we offer appropriate guidance for landlords, making sure they are made aware of the risks and how to avoid them. The purchase of property with the intent to let is a major undertaking and it is a process which should start by obtaining good advice in relation to your finances.
Even if you are in the fortunate position of being a cash buyer, you should still avail yourself of the services of a qualified financial advisor and have the building surveyed to ensure its structural integrity. We provide such services for all our Landlords, existing or new.
We Offer Guidance for Landlords on What Rent Can be Expected
Additionally as a specialist in our field we are able to offer guidance for landlords on the subject property’s potential to let and the likely amount it may return in rent per calendar month. There are many important factors such as area and condition to consider when selecting a property to purchase for rent.
The days of poor property being placed for rent are fortunately drawing to a close as renting a home becomes more of a lifestyle choice. The implications for landlords being, that whilst an even bigger market is opening up, it is a more discerning one. The need to get professional letting agent advice has never been more important.
It should be noted that whilst the purchase of property is still one of the most popular and successful ways to invest money for the future, it is not immune from the vagrancies of the general economic climate. Events of the last few years have more than demonstrated this, making the acquisition of the sort of sound professional advice offered by Tabern an absolute must.
One of the major problems in the lettings industry is poor property management either by the Landlord or his chosen agent. Letting problems can lead to cash flow problems if the rent is not paid in time or if there is damage to the property. A good agent will ensure payment and carry out regular property inspections to minimise the risk from possible damage.
Taberns Offer Legal Guidance for Landlords
Further problems can be encountered if you don’t make sure you are up to date and comply with legislation, particularly on safety issues or tenant harassment, failure to observe the laid down procedure could incur heavy penalties. You are also vulnerable if you don't arrange adequate insurance to cover letting and public liability risks. This can leave you open to claims for accidents or personal injuries which you could be liable for as the landlord.
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