TRIPLE AWARD WINNER & FINALIST'S TIPS & WORDS OF WISDOM IN THE LINES OF PROPERTY

TIPS FOR LANDLORDS;

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Get written permission from you mortgage lender, to prevent you from being in BREACH of your mortgage conditions.

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Get the correct insurance for your property.

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In your cashflow, make an allowance of at least, 10 percent for repairs. This will also reduce your taxable income.

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To cover you for any rental arrears, consider a rental warranty.

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If you have to furnish your property, do not over-furnish. Keep decor as neutral as possible.

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Do not include bills in the rent. Ultility costs, such as Electricity are volatile,you may find yourself out at a financial disadvantage.

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Create a tenants' handbook, inclusive of;

Electrical appliances under service contract so that emergency engineers can be called by the tenant;

Heating and boiler instructions

Council tax details;

Parking restrictions / rights / Bike storage;

Bin collection procedure etc.

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CHECK tenant references. A reputable estate agent SHOULD do this for you, as well as a credit checks, a full inventory, and taking a holding deposit.