Maintaining Your Property
Buy To Let Investments - Maintaining Your Property
PROPERTY ADVICE BLOG - Buy To Let Investments - Maintaining Your Property
What will I do when my property is empty?
If you can’t find tenants during certain periods you will be unable to pay your mortgage with rental income. By planning ahead and predicting tenant-free periods you may prevent being caught out. If you can save money as part of your regular rental income, this could help with payments in the future. However, if your property is in an area where there are more houses than tenants you could find that you get into mortgage arrears.
Why is regular maintenance important?
In addition to the basic repairs and replacements you may have to make, your property will be more attractive to future tenants if you take time to maintain every aspect of the property. Routine improvements at the end of each tenancy could ensure that the property is rented quickly, meaning you are less likely to deal with empty periods when there is no rent coming in.
Using a managing agent
If you think that you will have little time to deal with the landlord responsibilities involved, you might want to hire a managing agent. An agent can take care of any problems that occur, but may charge anything between 10% to 15% of your monthly income.
However there are an increasing number of online managing agents who will charge you as little as 5-6%. They have agents around the country to manage your property but don't have the overheads associated with having physical offices on the high street etc. In this way they can substantially reduce their overheads and so pass this on to you by charging you a lower %age! See the PROPERTY ADVICE BLOG recommendations below to find out more:
COMING SOON!
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