15
Sep
Buy-to-let property owners given advice on tenants
People with buy-to-let properties have been given advice on how to
look after tenants.
According to the Association of Residential Letting
Agents (ARLA), landlords should do their homework before
thinking about taking on a tenant as there are some important rules
to abide by.
Operations managing director at ARLA Ian Potter said: "Renting out
a property can be full of pitfalls and potentially result in
financial loss for the landlord. For example, if the right checks
are not carried out, you may choose a risky tenant who defaults on
paying the rent, leaving you unable to pay your mortgage."
However, he added that if landlords stick to the regulations, then
purchasing a buy-to-let house can be a "shrewd move".
The organisation advised landlords to look into legislative
requirements of the local area.
It also told them to avoid cutting corners, as good quality
properties will attract a greater number of interested tenants and
give a better rental income.
More people could be encouraged to look into letting out properties
after the National Association of Estate Agents suggested that
long-term trends for the market remain "broadly positive".