'Budgeting required' for private rental sector investments
Letting agents might wish to help landlords to work out their incomings and outgoings.
Tenancy Deposit Scheme Malcolm Harrison pointed out that on top of letting agency fees, landlords should also consider the cost of insurance, as well as a budget for any essential maintenance.
Tenants are responsible for expenditures such as television licenses and utilities, but landlords must ensure that occupants take over these bills properly, while they should also switch everything back when the tenancy finishes, the representative remarked.
He recommended that first-time landlords in particular use letting agents, advising that these ought to be regulated and should be a member of a professional organisation.
Recent research from LSL Property Services revealed monthly rents in England and Wales reached an average of £725, which is a new record high for the country.
However, Mr Harrison said: "Despite all this talk of high rents, [the sector] is not a way to instant riches and it mustn't be seen as that."
Buy letting agent software that works19-August-12Property Management