Landlords looking to increase the size of their property portfolios have been warned to beware of companies offering to help you do this.
The Times newspaper warned landlords that although the buy-to-let sector is booming again they should be wary of companies that offer “below market value” property or “get-rich-quick” property courses.
The newspaper commented that many of these properties are not actually priced below the market value and that alarm bells should ring if you are told that you can’t visit a property or have it surveyed – or if you are asked for cash up front without going through the usual legal checks.
In times like these, when a market sector is booming, it also attracts people looking to scam genuine investors.
Good value mortgage rates and strong rental demand from young people who cannot afford to buy their own homes is pushing up the interest in lettings.
Figures from UHY Hacker Young, the accountant, show that 1.9 million taxpayers earned an income from property last year, up from 1.5 million at the start of the financial crisis.
You can protect yourself from rental problems with rent guarantee insurance. See http://www.bestinsurance.co.uk/ for more information.
