Good question. After all if we are simply managing a few properties as a pension surely we don't need an Office. ok...but when you start to rent out even one property you find that there is a seemingly endless pile of paperwork and regulations to keep
You will need a Computer, a printer, a fax, a copier, good mobile where you can be contacted (and you will be!) 24/7.
Then you will need files for each property containing all your legal documents and safety checks and tenant details
(you need to make sure you have registered with Data protection). You will have files for the following, Training, Membership of Landlord groups, Solicitor files, Surveyor files, Past tenant files, All your Mortgages and original purchase/remortgage docs......it
goes on. So you see it builds up before you realise it.
You then need a system of Accountancy,either on-line or as I prefer, a Big Red Book manual system, which I endeavour to do monthly then at the end of the year hand it with all receipts
to my amazing Accountant who sorts me out!.
Even at a basic level it begins to mount up. Remember you have to keep all your Accounts in case of investigation (I had an investigation shortly after starting). Think of the space needed for just 5 years
Accounts and you are getting the idea.
After we had been renting for a few years it became obvious that our home,which is not large, was being taken over. It was at that time a local firm had small offices to rent within walking distance from our home.
We decided then that even if it simply became a place where we could keep all our documentation and as the need arose 'go to work'. For us this is ideal. The Office is secure, cosy and a friendly atmosphere and we love it.
Thanks to Neil & the team at Linburn House for this great facility!