The continuing boom in the buy-to-let property market has attracted many first time venturers into the market. The poor returns offered by bank saving accounts and the dire problems encountered by the stock markets across the world this week will convince even more speculators to put their cash into property.
Research will reap rewards
It is vital for any landlord new to the business to have a good understanding of his costs. While it is impossible to become an experienced property investor overnight it is not impossible to do plenty of research before you take the plunge into a new project. It is fairly simple to get a quick understanding of the costs involved in setting up and a bit of diligent research will soon pay dividends when it comes to saving money.
Although it is not as easy as with some other types of insurance, a quick perusal of the internet will find a few insurance comparison sites that offer landlord insurance quotes.
Regulation compliance a must
Adhering to fire and safety regulations is an absolute must and is not an area where you should think about cutting corners. Make sure your gas appliances are thoroughly checked by a fully authorised gas engineer, and don’t just take his word for it, ask him for identification and proof that he is qualified to certify your appliances. It is your responsibility to check that everything is in order. Fire and safety regulations are absolutely essential and don’t forget accessories like furniture, carpets and curtains must adhere to set standards.
Speak with professionals
Even though finding landlord insurance quotes can be easy, choosing a letting agent can be complicated and expensive. If you are entering the sector with the idea that you will expand and eventually become a professional landlord then you will probably want to avoid the expense of an agent. If that is the case make sure you join a professional body such as the National Landlords Association. The cost is minimal compared to the advice and experience that can be passed down to a newcomer, and special deals organised by professional bodies will probably recoup joining fees in no time at all.