Good debt management sense to protect income if renting out
Good debt management sense to protect income if renting out
Monday 1st June 2009
It makes good debt management practice for those going into this sector to consider taking out income protection insurance, which can come in handy should a tenant be made redundant.
According to comparison website moneysupermarket.com, research shows that the recession is forcing some people into being 'reluctant landlords' making it vital for those new to the market to take steps to protect their income.
The organisation's head of home and motor insurance Steve Sweeney has said that the rental sector may look lucrative in the current economic environment but those considering this route should seek professional advice first.
"Although letting out a property may seem like an attractive way to source extra income in the current climate, I urge anyone looking to jump on the landlord band-wagon for extra cash to proceed with caution," he said.
"It is important to have a good contract in place to know where each party stands should the 'tenant and landlord' relationship fall sour."
This is vital because "if things go badly wrong and legal proceedings commence, the associated cost can be hefty", which could result in people being plunged into debt.
According to recent research from Unbiased.co.uk, 400,000 of 18 to 34 year-olds have already walked into the private rented sector by taking in a lodger in order to provide an extra source of income.
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