Three Nightmarish Buy-to-Let Scenarios and How to Avoid Them
You’ll see plenty of ghosts and ghouls trick-or-treating tonight, but here are three frightening scenarios that haunt landlords all year round.
Being a landlord can sometimes be unpredictable – but the experience is much less scary if you have a good letting agent on your side. Read on to find out why.
Late night emergency
Picture this: It’s past midnight, a full moon is in the sky, and you’re safe and warm in your bed. Then the phone rings. And your cosy evening turns into a fright night.
It’s your tenant calling. She’s in tears because burglars have forced their way into your property. She’s lost valuable belongings, and the property is now unsecured. You’re needed ASAP.
No matter how organised or diligent a landlord is, things can go wrong. And when they do, the landlord has a duty of care to rectify the situation promptly.
But what happens if you’re on holiday or away on business when the emergency occurs? If you have a letting agent managing the property, you can relax – they’ll deal with it. If you don’t, you’ll have to stop whatever you’re doing and take charge.
Red tape horror show
Did you know that there are more than 200 laws that apply to landlords in the UK, covering everything from energy ratings and gas safety to evictions and deposits?
Spend a day or two trying to familiarise yourself with all these regulations and you’ll wind up feeling like a zombie. But you must get to grips with all this red tape, because if you fail to follow the law, you could face a heavy fine or jail.
The alternative is to entrust the job to a letting agent who will be up to speed on all the relevant rules and regulations.
Neighbour from hell
No doubt you reference check your tenants (if you don’t, what are you thinking?). But unfortunately, a landlord can’t do the same thing with the neighbours.
What happens if a ghoulish person moves into a neighbouring property and makes your tenant’s life hell? If this happens, your tenant will likely turn to you for help.
These situations can be time-consuming and emotionally draining (especially if you need to involve the authorities) and are best handled by a pro.
If you use a letting agent, they’ll help your tenant if problems arise at the property.
From all of us here at Keystone, have a Happy Halloween.