Property investors need to remember to take out building insurance on their buy-to-let homes otherwise they could face hefty repair bills.
Rising rental prices means that many people are considering buying a second property to help boost their income but they are often unaware of the pitfalls of being a landlord.
Research by property investment specialist Assetz shows, for example, that many parents are entering the buy-to-let market in order to provide their children with accommodation whilst at university.
"University towns have enjoyed big rent increases over the past five years, and with Government incentives to boost student numbers to 50 per cent of all 18 to 30s by 2010, this growth rate looks set to continue," said Stuart Law, managing director of Assetz.
However, potential student landlords should remember to make sure each property is adequately insured against accidental and student-party damage.
"Investors should be sensible about the quality of fixtures and fittings - hard wearing and inexpensive are definitely best," added Mr Law.
|
