Letting Agent KilmacolmDecember 19, 2016 1:08 pm
LET it providing a letting agent service to the Kilmacolm area.
Property Letting Agents
If you are considering setting up as a landlord, then there are a few areas to consider. While the cost of the property is obviously central to the matter, there are also other issues to take into consideration.
The mortgage is likely to be paid by the rent of the property but you need to collect more than just this to have a workable business, without considering profit margins. This is because for starters, you will need specialist insurance on the property. Normal home insurance isn’t designed for a house that isn’t occupied by your family and proper landlords insurance is critical. This can cover any furnishing you have in the house if it is let partially furnished, though an inventory is often requested.
Then there are the regular outgoings to consider. This can be anything from maintenance contracts on electrical and gas appliances to the cost of the letting agent serving Kilmacolm who is managing the property for you. The letting agent will often handle a range of services such as collecting meter readings for utility companies and arranging for servicing to utilities equipment in addition to their other services.
Don’t forget that you will need records of everything you pay out and take in for the HM Revenue and Customs declaration. You will then need to pay any relevant taxes and national insurance due on this income and will be counted as a self-employed landlord.