Killer tips to take the risk out of letting and property management
11th August 2007
The biggest concern for any landlord is - 'what do I do if something goes wrong and/or I don't get paid the rent?' After all, you still have to pay the finance costs.
Essentially there are four main areas of concern:
- that the property doesn't let in the first place
- that the tenant doesn't pay the rent
- that something goes wrong with the property
- risk of damage to the property (e.g. fire).
If you have a good rental property and have accurately focused it on the local market then, so long as you employ a good agent (with a high marketing profile) the only substantial risk is that there might be a fall or crash in the rentals market.
If the rentals market does fall, then it is probably because more people are choosing to buy rather than rent - therefore look to sell your property rather than rent it.
If you are concerned that your property may take a while to rent, then consider taking a buy to let mortgage which allows you to have a period when the property is vacant.
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