If youโre new to the buy-to-let market, here are six property pitfalls to avoid.
๐ญ) ๐จ๐ป๐ฑ๐ฒ๐ฟ๐ฒ๐๐๐ถ๐บ๐ฎ๐๐ถ๐ป๐ด ๐ฐ๐ผ๐๐๐
Itโs important to have a contingency fund to cover repairs, safety inspections, void periods and emergencies.
๐ฎ) ๐ฆ๐ธ๐ถ๐ฝ๐ฝ๐ถ๐ป๐ด ๐๐ฒ๐ป๐ฎ๐ป๐ ๐๐ฒ๐๐๐ถ๐ป๐ด
A problematic tenant can cause endless headaches, so always conduct background, credit and reference checks.
๐ฏ) ๐ก๐ผ๐ ๐๐ป๐ฑ๐ฒ๐ฟ๐๐๐ฎ๐ป๐ฑ๐ถ๐ป๐ด ๐น๐ฒ๐ด๐ฎ๐น ๐ผ๐ฏ๐น๐ถ๐ด๐ฎ๐๐ถ๐ผ๐ป๐
Being a landlord means adhering to a maze of legal responsibilities. Ignoring these regulations can result in hefty fines or legal action.
๐ฐ) ๐ฃ๐ผ๐ผ๐ฟ ๐ฝ๐ฟ๐ผ๐ฝ๐ฒ๐ฟ๐๐ ๐บ๐ฎ๐ป๐ฎ๐ด๐ฒ๐บ๐ฒ๐ป๐
A landlordโs job is complex. First-timers should use a property manager to help deal with maintenance, tenant disputes and legal compliance.
๐ฑ) ๐๐ฎ๐ฟ๐ฒ๐ณ๐๐น ๐ฟ๐ฒ๐ป๐ ๐๐ฒ๐๐๐ถ๐ป๐ด
Overpricing your property could result in long void periods, while underpricing will leave you out of pocket.
๐ฒ) ๐ก๐ฒ๐ด๐น๐ฒ๐ฐ๐๐ถ๐ป๐ด ๐๐ฎ๐ ๐ฝ๐น๐ฎ๐ป๐ป๐ถ๐ป๐ด
An accountant can help you navigate tax efficiently and avoid unpleasant surprises.
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