Monday, 9 June 2014
Derbyshire Buy to let - Rule Six
Rule #6 - Plain Sailing?
Some people clearly invest in property expecting there never to be any problems throughout their duration of ownership. This is a touch naïve, irrespective of the property you buy and the area you buy in.
Your buy to let property is a business, and like any business, it will have problem customers at some point.
You can mitigate your risk by instructing an agent that knows their stuff, and by insuring sensibly – the two big risks of buy to let (tenant doesn’t pay and tenant damages property) are both fully insurable.
But even with this done you should expect hiccups at some point, so keep some money for a rainy day and if you’re the sort of person who would find some end of tenancy cleaning or a tenant losing their keys stressful, maybe something like stocks and shares would be a less personal way to invest your money!