Letting Others Help When Letting A Property
Becoming a landlord comes with a lot of responsibilities. If you’re not careful, looking after a property can become a full-time job. One way to ease the burden is to outsource help from professionals within the trade. This can allow you to reap the profits of your investment, without having to invest too much time and energy. Here are just a few of the services worth outsourcing as a landlord.
When buying a property to rent, getting the best mortgage deal for you can be vital in order to make your property investment a success. Mortgage brokers can help you find the best deal by knowing all the most profitable places to approach. They can also come in handy when deciding to remortgage, helping you to find a much better deal than you’ve currently got. You will have to pay brokers some commissions, but the money you’ll save on your mortgage rate will be worth it.
Things will break and need repairing in your rented property. You can save money by doing these repairs yourself, but if you’re not a dab hand at DIY this could be more hassle than it’s worth. Have an experienced handyman on call who can do the maintenance work for you. This could include plumbing, electrics, decorating and repairing cracks and broken tiles.
Letting agents can handle all manner of tasks from making sure rent is paid on time, ensuring there are always tenants in the property, vetting these tenants, handling complaints and in some cases even arranging repairs. In some cases, they can be handy simply for landlord advice. Letting agents will pay a small regular fee, so make the rent that you’re paying tenants can cover this.
Letting a property comes with all kinds of red tape. Having a legal advisor on call can be handy, especially for dealing with difficult tenants or understanding legal requirements when renting a property. Solicitors can also be useful for writing up contracts, seeking planning permission for renovations and handling initial legal paperwork when buying the property. Find a solicitor with experience in property who you can pay by the hour.
You are likely to make some profit when renting a property – in some cases this may be taxable. In this case, you need to keep records of all your expenses so that you can deduct these costs from your taxes and give proof to the taxman. This can be a long and arduous job and you may find it useful to hire an accountant to check your books, as well as advising you on any extra expenses you should be declaring and keeping your books organised and presentable. Chartered accountants are often more reliable, by they will charge more as a result. In all cases, make sure that the accountant you hire has worked in property before. This will ensure that you are getting the best service for your needs.