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Buy to Let

Landlords must be aware of ‘significant’ challenges

Adam Williams
Written By:
Adam Williams
Posted:
Updated:
01/07/2015

Those considering investing in buy-to-let must consider the full responsibilities that come with being landlords.

Many people are choosing to invest cash in property, especially since the government made changes which allow people to access their pension pots early.

However, would-be landlords must make sure they have the cash and skills to provide a suitable service to tenants,

“Letting a property can be a rewarding experience and an effective way of providing additional income, but prospective landlords will need to remember they are effectively starting a small business,” Chris Norris, head of policy at the National Landlords Association, said.

He told Your Mortgage that landlords must meet all appropriate laws and rules. This includes protecting deposits, providing relevant gas safety certificates and dealing with issues promptly.

“The knowledge and skills needed to be a landlord are significant and it is important that anyone considering a move into the buy-to-let (BTL) market is well aware of the law and their responsibilities to tenants,” he said.

“Prospective landlords would be well advised to look into landlord accreditation, such as that offered by the NLA, before making any major investments as it can provide an invaluable grounding in regulations and best practice.”

Norris said that many landlords do not budget properly and must save enough money to make repairs when necessary.

“First-time landlords commonly make the mistake of assuming it is easy to let out a property and simply aren’t aware of what is expected of them legally and professionally, as well as underestimating the cost of letting a property. If in doubt new landlords should contact a reputable landlords association for support and/or look for a UK Association of Letting Agents agency to help them to get started.”


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