The Five Mistakes That Most Landlords Make

While the quality of landlords and their understanding of the Buy-to-Let market has undoubtedly improved in recent years, there are still some fundamental mistakes that are made – both by those who are new to the business and by landlords who would consider themselves experienced.

Letting a property out is not an easy job, especially if you have never had experience with it.

The changes that are shaping the buy to let market in the UK will have a significant impact on the way business is performed. Watch out for those and speak with your preferred advisor, being an accountant or letting agent, to make sure you are prepared for it.

To ensure your investment gives the returns you want and need, you must research your local market properly and take expert advice, so that you’re able to put together accurate budgets and forecasts, with figures for prices, rents, expenditure and ta

Until the lettings market becomes regulated, the best way to protect yourself as a landlord is to engage the best agent you can find in your area.

If you don’t have the right insurance cover, you could find yourself not only out of pocket for repairs, but also with lost income from rent arrears and a heavy legal bill if you happen to be prosecuted for any accidents that occur in your property.

Too many landlords who manage lets themselves tend to take too long to take action, forgetting that if things are sorted by the tenant the process can be stopped which can result in missed rent, causing financial problems for the landlord.

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