The Worst Part Of Owning A Property

In case you hadn’t noticed we are in the midst of a bit of a financial crisis which is making the whole world of house buying and renting a little crazy. People looking to buy are in a bad way, while landlords are sitting pretty with more people looking for rented accommodation than ever.

Lords of Chaos

Sounds good right, and it is, but it doesn’t make life any simpler. As a landlord I can tell you that ‘hectic’ does not begin to describe how it is at the moment; particularly because tenant turnover has increased, as have their demands, because all landlords are now having to be more competitive thanks to the increase in competition. Plus, things that were once a bit annoying are now a major headache as demands and turnover continues to increase exponentially.

If you’re planning on becoming a landlord, here’s what you have to look forward to:

HMO License

The House of Multiple Occupancy in Scotland is a license required by all landlords if their property has 3 or more occupiers that are unrelated. This is awkward as you have to decide if you’re going to have a flat with just 2 people and miss out on more rent from more people, or if you’re going to fork out for all the work that needs to be done to get the license such as door closers etc. or if you’re going to risk getting a £5,000 fine for getting caught without a license. Your call.

Bloody Boilers

Boilers are a total mystery and a bit scary for most people, so when there’s a problem with one in your property it is really annoying, especially because it’s just so hard to tell what the problem is. This means that every time something happens you have to call out a plumber. Best advice is to get a home cover deal with your utility company so that you pay a set amount each month and you are covered for everything.

Leaking Roofs

Scotland has experienced hurricane force winds of late, which has cause problems at many of my properties. That feeling after a particularly windy night, when I know it’s just a matter of time before a tenant calls to report a leak, has become all too familiar. I recommend either avoiding top floor flats or getting them all check and guaranteed by a local roofing firm before letting anyone in.

Are you a landlord? What are the things that annoy you the most?

Harry Jingle is a landlord from Edinburgh. He used a local firm recently for a chimney removal who helped him cover the chimney breast removal cost through his insurance company.