Best practice for new landlords
Becoming a buy-to-let landlord can be a very profitable use of your capital. That is not to suggest that it is easy to do, especially if you’re taking on the management of the property portfolio yourself. As such, having the right knowledge and putting the right plan in place is important.
Whether you are doing it for the first time or are a portfolio landlord, it is important you keep on top of your record keeping. Good record keeping not only helps you keep track of income and outgoings, but it is also important for staying on top of administrative tasks, like when insurance renewals are due. It can also be a lifesaver if you are unfortunate enough to face a tenant dispute.
It is fair to say you will experience periods when your property is vacant; generally, this is after one tenancy has ended and you are advertising the property for new tenants.