First time buyers cautioned over buy to let

13-Aug-2007

The National Landlords Association (NLA) has warned that first time buyers and others looking to move into the buy-to-let sector frequently assume it to be more simple than it actually is.

With some lenders now offering buy-to-let deals to first time buyers, many are now being tempted by the attractions of capital appreciation and regular income. But it is important to remain hands-on when managing a property, according to the NLA.

"There's a danger that some landlords will leave everything to the agents and not check to see that things are chased up. You can't abandon things entirely," commented Elizabeth Brogan, senior policy officer at the NLA.

Ms Brogan added that the tenancy itself was often the most difficult part of the letting process.

"People think that letting a property is easier than it seems. They think you just buy a property, put a tenant in there and that's it," she added.

"Even if you have the best knowledge of the law, it's only when it comes down to the individual situation that you learn how to apply it."

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