Monthly Archives: September 2017

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Tax Return Terrors: How Freelancers Can Cut Their Costs

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Going freelance is one of the most popular career choices of this generation. Now, more than ever before, people are choosing to set up a home office and spend their days there. Of course, technology has made this lifechoice more workable than ever before. When you think about it, it’s no wonder that people are making the most of the opportunity. After all, who wouldn’t want to work from the comfort of their home?

But, it would be naive to assume that the freelance route is a solely happy one. While there are obvious benefits to being your own boss, there are major downfalls too. And, never do they make themselves more plain than when tax time comes around. Rather than leaving things to your employer, you have to turn your hand to the ever-nightmarish self-assessment. Worse, you feel every single penny that you lose when you’re doing it.

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The good news is, there are a few different ways for freelancers to keep taxes to a minimum. In fact, for the most part, work like this is encouraged. The trouble is, we don’t all know the tricks of the trade and end up paying above the odds. Which is why we’re going to look at a few ways you can keep your taxes down.

Set up as a company

When you first go freelance, the company vs. sole trader situation can get a little confusing. But, to break it down for you, operating as a sole trader means that you’re liable for your enterprise. If you get sued, for example, it all falls on you. And, when it comes to taxes, you’ll be paying from both your salary and your profit.

But, if you set up as a limited company, as outlined on sites like howtostartanllc.org, you stand to gain company tax benefits. Hence, you’ll only need to pay tax on your income. Done right, this could halve the amount you pay out.

Educate yourself about deductions

Any freelancer knows that they have to deduct expenses on their assessment form. But, what less of us realize is just how many deduction opportunities there are. Likewise, using free software will also help manage the deductions. There is tax software for professional tax preparers to help manage and sort tax without needing to use an accountant. For a full list, head to sites like https://www.upwork.com. Your findings will astound you. Often, you can deduct for using a home office, and even get money off your internet bill. Doing your research is the only way to ensure you’re deducting everything possible.

Keep accurate accounts

Of course, you’ll find it difficult to deduct anything if you don’t keep accurate accounts. Far too often, we end up losing receipts and paying for business supplies from our pockets. With one or two items, it doesn’t seem like a big deal. But, when you consider the cost of those items, plus the tax you could’ve saved, the mistake soon adds up.

Filing Cabinet Regulation Hanging Files

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Getting your accounting system under control is all it takes. Invest in filing equipment, and make sure to put relevant receipts and bills there as soon as you get them. That way, they’ll be ready and waiting when you come to fill your form.

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Fall and Winter Are Coming: Are You Ready For The Roads?

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Well, summer has certainly left us. With the states currently being battered by high winds and storms, fall is definitely upon us, and those pleasant, summer driving outings can be considered long gone. Moving forward, it’ll be all about hot chocolates, cozy nights in, and making sure that we’re safe on the roads. Fall – and, looking forward, winter – presents a number of hazards which, if we’re not careful, can pose a risk while we’re driving around town. Below, we outline some of the dangers you need to be looking out for.

Source: Pexels.com

Check Your Car

 

Our cars get a pretty smooth ride during the spring and summer months. They’re not tested in the same way they are during the fall, and even if something goes wrong, we’re usually just left stranded on a beautiful summer day. No great loss. That’s not the case in the fall and winter when cars are tested to the brink. Before the weather gets even more gloomy, make sure you’re checking that your vehicle is in good working condition. Check it’s topped up with the necessary fluids, that the battery and brakes are working well, the tires are fully inflated, and that the heater is ready to do its job.

 

Fast Weather Changes

 

We’re currently in a transition period between summer and fall. That means the weather doesn’t really know what it’s doing; one moment, it’ll be a sunny end of summer day, and then the next there’ll be dark storm clouds overhead. From seemingly nowhere, the roads can all of a sudden become hazardous, and driving a thread to the safety of you and your passengers. Be prepared to wait out the inclement weather until it’s safe to continue, or cut your journey short if bad weather strikes.

 

Leaves on the Road

 

Fall is a magical time, full of beautiful colors on the trees. That’s all good and well, but those leaves are falling, and creating slippery conditions on the road surface. If you’re visiting the country to engage in a spot of leaf-peeping, make sure you’re extra careful when you’re handling those tight mountain corners. If you live in an area that has a lot of leaves on the ground, regularly check under your vehicle, around the tires, to ensure that leaves aren’t clogging up the mechanics of your vehicle.

 

Wet Conditions

 

We’re about to get hit with a lot of rain, and perhaps even flooded roads. This can cause danger to your car in a number of ways, including the torrential rains beating down and obscuring your view, and the roads that are holding too much water. Before you set off driving on what will be a rainy day, make sure your windscreen wipers are in full working order. On the roads, always drive a little bit more slowly than you usually would, and be conscious of how your steering feels; if it feels abnormally light, then you might be aquaplaning, which means your tires have lost contact with the road. Ease off the accelerator until your steering returns to normal weight.

 

Low Light

 

The nights are getting darker, which cause problems on their own, but there’s also the matter of lower light. You might be driving in great light at 6 pm one week, then the following morning 6 pm is suddenly much darker, but you haven’t noticed. Pay extra attention to how much light there is, especially to and from work; even if you think you can see fine, other drives won’t be able to see you! The sun will be setting earlier, and if you’re driving west, then you might have to compete with blinding sunlight. Keep your windscreen completely clean, and make sure you’re using your sun visor.

 

Wildlife Issues

 

Fall is an excellent time to go wildlife watching. Unfortunately, since wildlife lacks a map, it often finds its way onto the roads, right in the line of your oncoming car. In non-urban areas, drivers often to deal with deer, which are most active during the fall season (also during dawn/dusk, to make matters worse). If you’re driving in an area populated with deer, be extra vigilant when looking for hazards and be careful when going around bends.

Source: Pexels.com

Other Humans

 

Fall and winter is a time to enjoy with other people, but not on the roads, when other people are a danger. In fact, it’s this time of year when drivers are most likely to need the services of a car wreck lawyer. Why? Because it takes knowledge and skill to drive when the weather outside is bad, and most people don’t have this information or skill set. It’s true everywhere, but, paradoxically, truer in areas that always get inclement weather, as some drivers who are used to living with such conditions ignore the safety precautions. To keep yourself safe, keep a gap between you and the driver in front of you, and never speed up just because a driver behind you is becoming impatient.

 

High Winds

 

Fall is also a time when we get high winds. They can come from seemingly nowhere, as the most dangerous winds are usually confined to a few specific areas on a journey, such as bridges. If there’s a high wind warning where you live, drive extra carefully. You should also keep two hands on the wheel at all times, and keep a distance between your vehicle and large trucks, as they are more susceptible to turn over.

 

Have Supplies in the Back

 

You can’t always stop things going wrong when you’re in your vehicle. But you can always be prepared. For instance, make sure that you have a fully stocked emergency car kit in the back of your vehicle, which should include bottles of water, a basic car repair kit, blankets, and a torch, among other items. Now’s a good time to check that your spare tire is in good condition, and to triple check that you’ll know how to change it if you’re in a pinch!

 

Take the advice above, and you’ll have pleasant fall and winter driving experiences.

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Putting Yourself In The Investor’s Shoes

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It doesn’t matter what route you go down when it comes to any research involving ‘how to start a business’ or ‘how to land investment’ you are going to find a plethora of articles where YOUR BUSINESS PLAN IS CRITICAL is written in bold, capital letters. This is because your business plan is the single document that will keep you moving in the right direction, the very blueprint that will help you keep your progress aligned with your goals. More than that, though, your business plan is what every investor will want to see before they delve into their pockets.

 

Venture capitalists, bankers, angel investors, it doesn’t matter, they will all want to scrutinize your business plan as part of their evaluation of your business idea. It is how they decide whether the potential reward is worth the risk. That is why it is so important that you have a well-constructed business plan that answers all the questions they may have and all the questions they didn’t realize they had.

 

How do you do that? Well, the simplest way is to put yourself in the investor’s shoes and think about things from their point of view. Now, that is no easy feat so, to help you out a bit, we have pulled together a list of things every kind of investor will want to know before they sink their cash into your idea or company.

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It All Starts With Money

The very first thing an investor is going to want to know about is your finances. They are going to want to see the numbers you have come up with. So it is up to you to prove – in no uncertain terms – that your financial history is excellent and your financial future looks more than positive. This is especially true if you are seeking investment from an institute like a bank where regulations are strict and criteria specific. If you are approaching venture capitalists, however, then you may find that they have slightly different wants, such as the potential for high returns and a clear exit strategy that won’t disrupt your success. So make sure you have all the answers they are seeking about finances in your plan, make sure you know the answers, and know what your future plans may entail, such as issuing shares or further investment. You will also want to show that you are capable of meeting your financial obligations and that your assets cover your liabilities.

 

Your Background Must Matter

No investor is going to let an entrepreneur make a mistake, not when it is their money on the line anyway. That is why they will also scrutinize your background and experience in the industry you are looking at entering. They are going to know you are capable of being your own boss. They are going to want to know what experience you have operating in this field, what experience you have managing teams, what track record you had at your previous place of employment and anything else that may be relevant. This is where you need to shine, and that means filling them with confidence and swaying them with your passion. Then put all this down in your business plan. If you have pulled together a team of people that will boost your strengths and counter balance your weaknesses, it is a great time to add this to your document as well to show that you are serious about this, not willing to take risks and that you are aware of the fact success relies on a team.

 

What Sets You Apart

This is your time to shine. This is your chance to show off exactly why your business will be a success and what sets you apart from the rest of the market. Your product or service doesn’t need to be unique, but it does need to offer something fresh even if that just means an improvement on what is already out there. It could be that you are looking to go into the life sciences or medical industries, and your secret weapon is your use of this laser company that specializes in precision and quality. It could be that you are going into bespoke furniture making, and you have found a way to use resin to create truly unique pieces. Whatever it is, prove that your idea holds weight and that the marketplace has enough potential to make any investment worthwhile. Basically, what you need to have is an advantage over the competition. It could be intellectual property, a clever patent, exclusive deals, licenses or even distribution arrangements. Whatever it is, make sure it stands out.

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Investors Want A Large Market

The kind of investor you are aiming at attracting will change what they find attractive, but a piece of the market is important to all of them. What an angel investor will want to see is a large net; they will want to see that you have a come up with a fantastic solution that will be beneficial to a large number of people. This is slightly different from VC’s, who tend to prefer the change to grow in a market that has limited competition at the present time. Either way, if you can show that you already have a large and loyal customer base when it comes to pitching for investment then you are going to find you are in a much better position. Why? Simple. It serves as proof – it serves as evidence – that your idea works and that will sway your potential investors more than anything else. That will show that you really could impact your intended marketplace, with the right backing that is.

 

The last thing you will want to make sure that you can offer them is trust. They will want to trust that you can a) grow at a rate of knots and b) manage this quick growth. That is what they will want to know you can handle. Investors aren’t the most patient of people, but they also know the risks that come with scaling fast, so make sure can ease their minds and you will be fine. We promise.

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Why Owning A Scooter Is Wheelie Cool!

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Scooters are the ultimate in retro chic. From Vespa to Lambretta, the mod culture exploded as the iconic ergonomically designed scooter was released to the public. People of all ages and from all walks of life wanted to get their hands on a small piece of Italian engineering. In the twenty-first century, there’s something nostalgic about owning a scooter. With their curves, shape, and colors, they remain aesthetically pleasing to the eye. With the resurgence of everything retro within the world of fashion, interiors, and art, it seems logical that retro vehicles would also find their niche among the masses. If you’re tempted to purchase one of these fantastic and fun little vehicles, take a look at these reasons why scooters are the epitome of cool.

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Make It Your Own

 

There aren’t many vehicles that you can personalize and make unique. With a Vespa, you can make all sorts of modifications to the chassis and frame of your bike. You could change the shape of your mirrors, add a windshield, or alter the paint job.

 

If you join a scooter club, you’ll want your little motor to hold its own amongst a sea of bespoke Lambrettas. The scooter community is close-knit, friendly and joining in is the perfect way to meet other like-minded enthusiasts and share stories of how scooters play such a massive part in your lives. No doubt you’ve felt the pang of jealousy when you’ve spied a troupe of thirty or more scooters in formation cruising down the streets, and you’ve wanted to join in. Well, now you can if you take the plunge and purchase one of your own.

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Safety

 

As with any vehicle, from a car to a bicycle, you need to take responsibility for your own safety. Grab yourself a solid helmet, rugged boots, and thick riding gloves as the bare minimum. You won’t be racing around the city at ridiculous speeds but other less cautious drivers might, so you need to be alert at all times. It’s easy to slip into the blind spot of a car driver, so you must take it slow when turning on roads.

 

The great thing about a 50cc scooter is that in most states you don’t need a motorcycle license to ride one. However, if scooter ownership gives you the taste for two-wheeled vehicles and you can see yourself opting for something a little more powerful in the future, you will need to apply for a license. You can get motorcycle test info here, showing the sorts of questions you might face should you want to obtain a license and allowing potential applicants to download sample tests for free.

 

From the James Bond movie Octopussy to the British 1970s classic Quadrophenia, scooters have made appearances on the big screen. Their iconic status as a piece of retro engineering that looks great on the open road has earned them a cult following. Supremely fun and easy to drive, as well as being cheap to run has made them the vehicle of choice for many people across the world. If you’re after a classic cool motor, you can’t go wrong with an original 1960s scooter.

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Stop It Right Now! What You Need To Stop Doing To Let Your Business Soar

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When it comes to making a choice of career, running your own business may figure quite high in the pecking order of what you what as far as lifestyle is concerned. After all, who doesn’t want to clock in and out, as and when they please? And while there are many apparent perks of the job, if you are running a business where you see it more as a way for you to live a certain lifestyle, this is not going to end well. You may have the best of intentions with your business but if you are making it work for you, as opposed to you working for it, here are some things you need to stop doing right now.

 

Stop Using Business Expenses As Disposable Income

You may feel you have put a lot of money into your business over time, so you feel rightly Justified in dipping into your petty cash to help get you out of a jam, such as paying a household bill. However, as time goes on you will realize that the money adds up here and there and you will soon find yourself in a financial deficit, just in time for a key client to be paid and you will find yourself struggling for the adequate funds. The best way to reset the balance if you are guilty of this is to look at your financing options, smallbusinessloans.co has a list of cash injections that may benefit you in this respect. However, it’s important to note that you may want to take this as a sign to get your finances and spending habits in check. Your business expenses are there for the purpose of the business, not your personal needs. And while a business lunch here and there is tax deductible, this doesn’t give you permission to read the petty cash drawer to fund your lifestyle.

 

Stop Micromanaging

The pet hate of any employee is to have someone breathing down their neck every minute of every day, and if the shoe was on the other foot, how would you feel? The fact of the matter is that if you are micro managing your employees all of the time, it shows that you have little trust or faith in their abilities. This also stops them growing and developing into a self-sufficient member of staff. Have a look at mindtools.com for some tips on how to cut back on this, but what you need to do is to step back and let them find what they can bring to the role that is unique and will benefit your business as well as their confidence. The moral of the story is to have some trust in your employees!

 

Stop Looking Over The Horizon

The big picture is always something to bear in mind, that’s if you are constantly looking at the next big thing rather than focusing on what you are accomplishing right now, whether it is business processes or systems, you are not focusing on keeping the business fluctuating in the here and now. The business leaders that I’ll look into the next big thing constantly, without addressing current issues, which should be the priority, shows that your attentions are laying elsewhere. If your current processes and systems aren’t disciplined and focused, you will never reach the end product.

 

Every business has issues that need ironing out, but if you are taking the time to focus on your own issues that are potentially holding the business back, this is how your business will soar.

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Turning Ideas Into Businesses

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Does becoming an entrepreneur sound like a good career choice to you? You’d be surprised at how many people in the world think they would make great business owners because they have solid ideas, but the reality is that it’s harder than you think to turn an idea into a fully-fledged business. There are many steps to take, so in this article, we’ll be outlining the basics on how you can actually turn those ideas into something that generates profit.

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Understand Your Audience

 

Most people think they have fantastic ideas and they try to build a brand or even a concept from those ideas. Sadly, they neglect the fact that their ideas usually stem from their own desires and not the consumer. As a result, they can develop this wonderful idea into something workable with lots of hard work and funding, but if the idea isn’t something that appeals to a wider audience then there’s a chance that it will never be successful unless you’re able to show people why your product or service is important. Check out this article from coschedule.com to learn more about finding your target audience.

 

Secure Your Funding

 

Next, ensure that you have enough funds to start your business. You could always look at services like businesslineof.credit to help you secure the funds to start your business, but just keep in mind that no matter how low the interest rates are, you will need to pay it back. This should be no problem if your idea is successful and seeking these types of companies to fund your business is fairly common. If possible, try and start small with your idea (such as working from home) instead of jumping straight into the deep end by hiring employees and renting out an office. Start small, use remote employees and build up your idea from the ground to reduce the amount of money you need to borrow.

 

Hold Onto Your Cards

 

Most companies show their ideas too early and fail to meet expectations. This is common among companies that lack the resources to make their ideas come to life, and more often than not, other companies will swoop in and pick up the idea and put their own spin on it. With more resources than a startup could ever hope to utilise, these companies will use those ideas to create something much more elaborate and with more marketing power. In short, if you’ve got fantastic ideas, keep them to yourself and don’t overextend yourself—understand your limits and hold onto your best ideas.

 

Never Sit Still

 

If you’re serious about turning an idea into a business then you can’t sit still. You need to be constantly on the lookout for ways to promote your ideas and you need to network with people in order to get more interest for your ideas. Networking is an incredibly powerful tool and it enables even the smallest of choices to get noticed in an industry full of powerhouses.

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Helpful Tips for Teen Drivers

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Photo by Matheus Ferrero on Unsplash

One of the most exciting experiences for teenagers is reaching the age when you are finally able to drive. Sitting in the driver’s seat behind the wheel inspires an immediate sense of freedom, as though the world has expanded and the many roads have become a new sort of playground to explore. But with this freedom comes many risks, for operating a vehicle is no small undertaking and requires serious focus and responsibility.

If you are a new driver, there are several habits that you can develop early on which will make you a safer driver and avoid careless accidents. Parents should encourage these habits as soon their child begins practicing driving. Some helpful driving tips include:

·      Put down the cell phone to avoid texting while driving

·      Always buckle your seatbelt as soon as you get in the car

·      Never drink and drive

·      Pay attention to the weather, especially when first taking to the road

·      During your first few months of driving, limit passengers

For more useful tips, read this guide to driving safety in order to develop simple but effective habits when hitting the road as a new driver.

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Strategies To Combat Low Quality Sleep

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You might be in bed for 8 hours a night, but that doesn’t necessarily mean you’re getting the high quality, restorative sleep that you deserve. The aim of sleeping isn’t to simply be in bed for 7-9 hours per night. It’s to get a high quality sleep that leaves us feeling refreshed and ready to face the day ahead.

 

If you wake up feeling groggy, snoozing your alarm and simply wanting more sleep in general, chances are, you’re suffering with low quality sleep. These strategies will help you to combat low quality sleep, once and for all:

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Wind Down Before Bed

Get into a great wind down routine before bed. Sorry, but sitting there with a glass of red and your favorite TV program doesn’t count, and will actually hinder your sleep!

 

Your bedtime routine can involve anything you like, but here are some suggestions:

  • Meditation
  • A bath
  • Reading
  • Drinking a cup of bedtime tea (no caffeine)

 

When you get into a good routine and stick to it, you’ll be able to regulate your circadian rhythms better. You’ll get tired at the same time and wake up at the same time. It’ll get so much easier!

 

Stop Stressing

The more you stress throughout the day, the more your mind is going to feel like it’s whirring before bed. There’s nothing worse than trying to sleep when you have a hundred thoughts in your head at once. Stopping the stress can feel difficult, but you can do it. Try writing lists to help get some things out of your head. Meditate and breathe deeply to get rid of those worries. Maybe even speak to a professional. Bear in mind that things like caffeine can also stimulate stress.

 

Ultimately, you need to let go of the things you can’t control, and stop worrying about things that haven’t even happened yet!

 

Make Sure Your Bed Is Just Right

Your bed needs to be just right if you’re going to get the quality sleep you deserve. You need a mattress that is nice on your pressure points, and the right amount of pillows to keep your spine in alignment. The tough part is, people usually need something different! You can start hunting for the right bed for you by checking out sites like mattress.review. You should never underestimate how important the comfort of your bed is for a high quality sleep.

 

Cut Back On Caffeine

Not only does caffeine stimulate stress, it can help to keep you awake at night. Limit it to early on in the day. Remember, it isn’t just coffee that’s high in caffeine. Even chocolate contains caffeine!

 

Make Sure You Don’t Have Any Underlying Problems

If you’ve been struggling to sleep for a while, waking up in the night, or simply waking up feeling groggy, you must make sure you don’t have any underlying problems. Things like sleep apnea or bruxism could be at play here, but you won’t know if you don’t get it checked out.

 

Combat your low quality sleep today for a better life!

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Dream Big: How To Make A Name For Yourself As An Actor

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As children, a lot of people have big dreams. However, as we get older, these dreams are shoved out of the way by ‘adult’ aspirations. We don’t believe that certain roles have the potential for success, such as roles in the performing arts sector. However, just because the percentage of people who make it as actors, singers, and dancers is lower than the success rates of other career paths, does that mean that you should give up on your dreams of being an actor.

 

The fact is that you will spend the majority of your time on this earth at work, which is why doing a job that you love is so important. Are you keen to pursue a career as an actor? Then have a read of the tips below to make a name for yourself as an actor.

Photo from Pixabay

 

Understand the importance of experience

 

In almost every career sector, experience is vital, and it’s no different with acting. If you want to make a success of yourself as an actor, it could be worth taking the time to gain the experience that you need to do so. One of the best ways to gain this experience is by choosing to attend drama school, to learn about all of the best acting techniques there are. Just like any profession, acting is a career that takes skill and experience. As well as gaining experience and vital skills at acting school, it’s also vital that you gain as much amateur experience as possible. Take part in local productions and student’s films – take every opportunity that comes your way.

 

Get head shots

 

When it comes to making a success of a career as an actor, the more professional you can be, the better. That’s why having a professional portfolio which includes professional head shots is so important. The fact is that like in any profession when it comes to how you present yourself ahead of auditions, professionalism is vital. Whether you’ve found an audition on a specialist site like AuditionsHQ.com or have been asked to audition for a role by someone who you know, it doesn’t matter, a professional portfolio of work and head shots is vital. Don’t skimp on your head shots, ensure that you have professional ones to place in your portfolio.

 

Never give up

 

It’s easy to give up on your dreams when things are not going well, however, if you are serious about being successful, it is vital that you never give up. You may have bad days, and times when no matter what you do, you can’t seem to catch a break, but that doesn’t mean that you should give up. If you are serious about making a career out of acting or any performance art, it is vital that you have the mindset to stay strong, no matter what happens, and never give up.

 

The fact is, if you want to make a name for yourself as an actor, it is vital that you dream big. You need to be willing to put yourself out there and work as hard as possible, to attempt to ensure that you are as successful as possible. It won’t always be easy, but if you are smart about things, your hard work will pay off.

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The Do’s And Don’ts Of Renting Out Property

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There are plenty of ways to make some money with a property. You may want to consider renovating older property and modernising to make a quick profit. You may like to move up the ladder with your property and invest in bigger each time. However, the most popular way investors capitalise on the property market is renting them out to people that just can’t afford to get on the ladder, or need to be in locations only temporarily.

 

However, while there are plenty of properties out there ready to be purchased that are more than suitable for the rental market, there are still a few guidelines that you need to follow. So whether or not this is your first attempt at buying to rent, or you have a whole portfolio of properties, I thought I would share with you some of the do’s and the don’ts of renting out a property.

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Don’t be too hasty with your decisions and forget the power of research

 

There will always be a lot of properties out there that you may want to consider investing in, but we can get a little hasty and excited by the prospect and forget to do the valuable research that should go along any property purchase. While there will always be a demand for affordable houses for rent, you will still need to make sure that your investment is going to stack up in the long-term. Think about the location you are buying in. Whether there are any improvement schemes or upcoming regeneration to the area. Think about what the prices are in the area, is their scope to expand your investment or make more profit in the future. Will you need to make any improvements to the property before you rent it out? Is it a livable space? These are all questions and observations you can make with extensive research online, which will enable you to make sure that the important decision you are about to make is the right one.

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Do choose the right rental market for you

 

You may be surprised to read that there are a number of different rental markets to consider when buying a property. You could consider buying near universities or colleges where you can rent out to students for each school year. This can be quite lucrative as a house can be adapted to accommodate more than one student. Helping you to increase your rental profits. You could also think about the area being close to the city center, or being in a family suburban location where you focus more on renting to families.

 

Don’t be tempted to overcharge on the rent

 

Determining the rental cost can be quite tricky, and it might be tempting to charge what you think the property is worth. But this could cause you more problems by pricing your property out of the market. Instead, you will need to focus on the area and the average cost. An agent could be in the best place to advise you on how much to charge.

 

Do consider other costs that you may need to budget for

 

Of course, you have the initial outlay of the investment, but other things to consider would be the insurances involved to protect the property. You also need to think about the legal costs involved, and whether you have any other insurances that help to protect you for things like when renters don’t pay their rental payment. You also need to have some sort of emergency fund set aside for when things go wrong. You may find that things go wrong over the time of the rental period, or you may have to make emergency or standard repairs the longer you own the property.

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Don’t forget to read the fine print

 

On all things property related, there are deeds and regulations. It might be to do with the property or it could be specific to the area. Make sure in all cases you read the fine print to avoid any possible drama or financial implication in the future. However, the research only just gets started with the purchase, as a landlord there are other things to consider. You need to ensure that you have the right contracts drawn up between you and your tenant. Or of you have an agent acting on your behalf, that you ensure that the contract you draw up is in your interests as well as the agents.

 

Do be open-minded with your choice of tenants

 

There are many schemes in which a tenant can take on a property. People can get help from government schemes as well as benefits to help them pay for their rent. Some landlords refuse to take any type of tenant other than a private renter, but this could be closing your market in regards to obtaining someone to rent in your property long-term. In some ways, someone receiving a benefit of some kind means that they may always be able to pay the rent. So you have to ask yourself whether it is worth being open-minded to different types of tenant circumstances.

 

Don’t be tempted to manage it yourself unless you are confident to do so

 

Managing a property rental yourself means that you are in the position of ensuring al checks are carried out on the tenant, and that you get your rent each month. You will be the contact they ring at any time of the day or night when something goes wrong. So it’s important to make sure you only do this is you are confident in managing the property. For a small fee, an agent can take care of all the hard work for you.

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Do inspect or have the property inspected regularly

 

Unfortunately you can’t always trust your tenant. No matter how good you think they are. You are allowing them to stay in your property for a fee, and you need to ensure that they are treating it with the respect it deserves. So try and consider having it inspected regularly to ensure that the property is in good condition, and that any repair work isn’t needed. It isn’t always about not trusting the tenant, but more about protecting your asset.

 

Don’t be afraid to place restrictions in the terms of rental

 

Many landlords consider having hefty terms that a tenant needs to agree to before a contract and lease can be signed. It may be very specific about painting walls or having pets, or it could be more lenient whereas you require permission before anything is done in the property. There have been landlords that have been so specific even about hanging pictures on the walls with nails. After all, it is your property and investment, and you can decide how it is treated. Having this in the lease protects you in the future, if you find that any of your regulations have been ignored.

 

Finally, having a decent agreement in place and black and white guidelines laid out should mean that you as a landlord should have no issues when renting out to somebody. What this sort of investment does, is enable you to have your money tied up and earning a profit in the bricks and mortar, but also enables you to earn a profit on a month by month basis. Anything over and above a mortgage commitment should be put to one side so that any property expenses can be paid for out of the pot. I hope this helps you to be more clear about what you should and shouldn’t do when renting out a property.

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