8
Aug
Landlords need to make considerations of the worst possibilities
When it comes to entering the buy-to-let sector in the UK, new
landlords should make sure that they take the worst possible
scenarios under consideration, an expert has advised.
According to Stuart Law, chief executive of Assetz, there are many
things which can go wrong between tenant and landlord, and said
that these should not be ignored.
"They quickly learn and all day to day matters can be easily
delegated to managing agents. It is the unexpected matters and how
to deal with them that I find catches new landlords out," he
said.
Some of the top problems which can exist between the two parties
include such eventualities as; a tenant going on the run without
paying rent, a management company allowing a building to get dirty
and ill repaired, or any number of other challenges.
However, with LSL Property Services reporting that the cost of rent
every month being £2 off peak prices, and yields sitting at
eight per cent, Mr Law said that it is worth coming into the market
and taking these risks for the rewards.