Individuals who are considering becoming landlords needs to make sure they have all the facts before making a commitment.
There are many things that need to be taken into account, including getting the tenancy in writing with tenancy agreements and even putting together a property inventory to protect the contents of the buy to let property.
Making a property inventory is vital, particularly if landlords are taking deposits from their tenants.
Under the Tenancy Deposit Scheme, landlords wanting to claim money from their tenants' deposits must prove that damage has been caused to their buy to let property. This means that every tenancy agreement should now be accompanied by a property inventory form.
Kate Faulkner of designsonproperty.co.uk emphasised that detailed research must also be made before buying buy to let property. There are strong regional variations in the property market at the moment, so doing the necessary research is crucial.
"It's important to talk to letting agents about the area and what types of property tenants want," she said.
Buy-to-let advice will also be essential to those hoping to enter that particular part of the market as securing a mortgage can sometimes be difficult.
Published on: February 1, 2011