Lagging UK Housing Market Creates New Landlords

One of the offshoots of the lagging housing market in the UK is that increasingly more people are finding themselves the owners of rental properties.

England, United Kingdom (prHWY.com) May 9, 2012 - London England, 5-09-2012 - One of the offshoots of the lagging housing market in the UK is that increasingly more people are finding themselves the owners of rental properties, some intentional and others by accident.

The intentional landlords would be those who have the financial means to take advantage of the deals that are out there on property investments while they're available.

Then the accidental landlords would be those who have found themselves the owners of a home that they would prefer to sell but due to the lagging market ended up renting out instead.

Even so, no matter how they ended up in the rental business they all find out in short order that it is just that, a business, and while some find it profitable, for others unfortunately it is not.

The latter would be the homeowners for whom the best choice would've been to leave the house vacant because when all is said and they're left in the red.

Michael Lord, CEO of cromwood.co.uk, a London residential property management firm spoke recently at a trade conference and was able to shine a light on some of the typical problems that owner landlords can run into.

He told the crowd, "The mistake that most new landlords make when they enter the rental game is thinking that the law is there to protect them. What they fail to realize however, is that while they do have the law on their side it comes into play after the damage is done. So be a successful landlord one must be able to look ahead down the road with every move that one makes in the rental game."

He made another point by saying, "You need to avoid the pitfalls before you come to them and this is a skill that can only come from experience. Then there are always the folks who find out after they get into it that they just don't have the stomach for it. Dealing with the tenant who's going through financial difficulties for instance, and who in turn having trouble coming up with the rent money and for sure dealing with evictions."

He finished up by saying,"What we have to offer is one-size-fits-all solutions for all potential problems that can befall today's income property owner, and that even includes a rent payment guarantee."

A home is the biggest investment that most people will make in their lifetime and when a tenant moves into it you're essentially handing it over to them. A business move that he advises is best left to an experienced professional.

Cromwood was founded nearly a decade ago and specializes in property management and maintenance.

For Extra Information kindly visit http://www.cromwood.co.uk/

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Tag Words: housing market, property management, cromwood

Categories: Real Estate

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