The rental sector is witnessing a boom in inexperienced landlords snapping up buy-to-let (B2L) properties in the hope of protecting their financial assets from plummeting savings rates.
These people are putting themselves at risk of being left out of pocket if they do not consider all the issues landlords have to deal with when both letting and managing residential property. The most common problem is that many are not prepared for the costs or for the legalities and responsibilities of owning a B2L property. Lee Bilbrough commented “Not only are there many costs involved in owning and letting houses but void periods are also often overlooked which can be a big hole in the annual income and may even be the difference between a B2L being a viable proposition or not”
Lee did however say that many individuals “can do very well” from B2L investment, but it is important to carry out thorough research of the market and plan for all eventualities.
HRL&M Ltd offer a comprehensive investment service which can identify the right property type and location and more importantly our skills and knowledge can help discount those properties and areas to avoid