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Thursday, July 14, 2011

Becoming a Landlord

Owning a buy-to-let property has become an increasingly popular and attractive form of income for many individuals across the UK. A dream of making large profits for little effort is what attracts many people to the idea. However, potential landlords must be aware of possible pitfalls, and they must also be realistic about how they approach such a venture.

Tessa Shepperson, a specialist solicitor and author on residential landlord and tenant law, has been quoted as saying: “Becoming a landlord is perceived as being easy money but that's not necessarily the case. If you know what you're doing, get it right and are lucky with your tenants, you can make money for not a lot of effort, but it doesn't always work out like that."

However, there have been examples in the past of tenants causing trouble for their landlords, such as, vandalism, ignoring a ban on pets, anti-social behaviour, and, most commonly, withholding rent payments.

Ms Shepperson goes on to say: "If you're unlucky enough to be stuck with one of these can take you six months to get them out of your property. You want a good tenant that's going to pay their rent, and is responsible, and will look after the place."

The best way to solve such unfortunate situations, and to ease the mind as a landlord, is by acquiring Landlord Insurance in order to provide comprehensive cover. Of course it is important to carefully select each tenant, however, with a decent insurance plan, a landlord can rest assured in the knowledge that their property is safely backed up.

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