With a buy-to-let investment, there’s always an outside chance that your tenants could end up being late payers or causing damage to your property.
In the grand scheme of things, this is relatively rare. If you put the time in to vetting your prospective tenants and subsequently managing the property (by conducting quarterly checks, for example), then you’re much more likely to have a positive experience.
In the event that you do experience issues, it’s important that you’re prepared to confront problems in a composed, authoritative, and unemotional manner. You need to address issues that could impact the income on your property, while also ensuring you follow the correct procedures before resorting to evicting your tenants.
As with any business venture, there are rules and regulations in place that andlords must abide to by law. These rules can be a little complicated to follow and adhere to, so it’s advisable to make sure you set some time aside to understand the administration needed as a landlord, including completing and filing the necessary paperwork on an ongoing basis. Alternatively, if you choose to employ a letting agent to help you manage your property, they should be able to help you with the majority of this.
There are a great many positives about being a landlord – but like with any investment, sometimes you’ve got to take the rough with the smooth. Having the ability to deal effectively with any drawbacks as and when they arise is all part and parcel of being a successful buy-to-let landlord.
Have a back-up plan
To make a solid investment in property, it’s advisable to approach it from a relatively solid financial standpoint. This is because even once a buy-to-let mortgage has been secured and the property has been purchased, it’s still possible that costly changes (such as a boiler replacement) could arise in order to comply with buy-to-let legislation.