Challenge Three: Managing your properties. Your property -
Things can go wrong with any rental property at almost any time – and as the landlord you are likely to have a responsibility to put it right. Landlords who are good at DIY and know some good local trades people are often able to manage their own properties and organise any repairs as they arise.
But don’t expect an easy life because tenants can call with problems at any hour, and will want someone to contact while you are on holiday, for example.
Your tenants -
Equally worrying for landlords can be a call from a neighbour or your local council saying your tenants are noisy or causing other anti-social problems. If you employ a lettings agent to manage your property you should be able to relax a little. But make sure you are not paying too much for too little service.
Some agents can charge up to 15 percent of every rent cheque – and still call landlords before approving even the smallest repair job. Full management through LettingsAgent.com can cost just 8 percent of rent and minor repairs can be authorised and carried out immediately.
Neil Simpson is a former
Personal Finance Journalist of the Year and writes regularly on mortgage
issues for the Mail on Sunday and many other publications.