When it comes to renting out a property, it’s easy for new landlords to underestimate what’s involved. There are several problems that frequently occur, time and time again. Here’s the lowdown on some of the common mistakes made by new and unprepared landlords.
Not Being Prepared
Preparation and research is essential for anyone thinking of becoming a landlord. On the surface it might seem like it’s just a case of buy a property, decorate it, then let it out, but in reality there’s a lot more work involved. It’s never a good idea to go into the letting business with your eyes shut.
Not Assessing the Market Correctly
Ask any experienced landlord one of the key things they do before they buy a new property and the chances are they’ll mention the need to assess the market.
Investing in a luxury three bed detached house to rent out to families or executives in an area popular with students living in flats isn’t the best use of your time and money. If you want to be successful with renting out property you need to ensure that buying the right type of property in the right type of area for the rental market you’re targeting.
Not Regarding it as a Business
Buying a property to rent out and make a profit from might seem like a hobby, but in reality it is a business. You’ll need to keep proper records, do bookkeeping, have a separate bank account and pay tax. If you’re not prepared or aware of everything involved, you could be in for some difficult times.
Not Using an Expert Property Letting Agent
It might initially look like an easy job to handle everything yourself, but there’s so much more involved in the rental property process than you may realise. So many landlords fall at the first hurdle by trying to go it alone. It might cost more to use an experienced property agent, but in the long run it will save you a lot of time, hassle and money to hire an expert.
Not only can a letting agent like Belvoir Sutton Coldfield help you ensure your property meets essential health and safety requirements, but we’re also on hand to help with marketing your property, finding a suitable tenant, checking tenant references and quickly and efficiently sorting out any problems you experience along the way.
If you’ve got a property to let out and want to gain the experience of an expert letting firm, don’t delay, contact us today.
