Don’t be a prize plum
Most people would agree that the idea of becoming a property magnet can be an exciting time. Never has the rental market been so vibrant and lucrative. However, when you decide to rent your home, by your own standards even though you may have undertaken all the relevant checks, when you hand over the keys to your tenant you hope that they will look after your property just the way you have- and to be fair some tenants do.
But what happens when things go wrong, the rents stops being paid and there are untold damages to your property?
As a business the cost of an eviction for unpaid rent arrears can have catastrophic consequences on your personal finances and can lead to financial ruin if you are unable to ride it out, let alone mention the untold amounts of emotional stress it takes on your family, personal health and time it takes to repair the damage-
Let’s face it’s every Landlords worse nightmare but if it has gone wrong you don’t have to let it define you!
So when you decide to step into the rental arena make sure you obtain the right advice from the outset and understand the responsibilities on both sides- don’t make the rules up as you go along because this can affect YOUR TAX!
There are specific rules for rental ins and outs and how to recover the unpaid rents when it comes to filing your personal self-assessment tax return to H M Revenue & Customs.
So, if you need some help with your rental portfolio and reclaiming and expenses give me a call to see if I can HELP and assist you getting YOUR LIFE back on track.