A rental property is a big investment. Data from July shows the average cost of a property in the UK is £237,963, and it’s likely risen since then thanks to a post-lockdown buying frenzy. If you’re spending upwards of £200k on an investment property, it makes sense to look after it. You wouldn’t leave your own home unsecured, so why would you leave a rental property unsecured?
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Selling an investment property is not as straightforward as selling a residential property. Unless the property is empty, you have a tenant to consider. Although you ‘own’ the property, the tenant has rights. This means you can’t call your local estate agent and stick the property on the market without giving the tenant a second thought. Chances are, they’ll be a bit upset when a For Sale sign appears in the front garden with no word from you!
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The buy to let sector is still attractive to many people. Literally anyone can be a landlord. As long as you have enough money to buy a second property, you can let it to tenants and charge them rent for the privilege of living there.
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Antisocial behaviour (ASB) can cause neighbourhood misery. For problems such as loud music late at night affecting neighbours and other people living in the property, it can feel like they are living a nightmare that never ends.
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Voids cost landlords money. It’s less of a problem in HMOs, as you’ll still have rental income from the remaining rooms. Since the aim of buy to let investment is to maximise your rental income, it makes sense to take steps to avoid property voids where possible.
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