Why Mixing Family And Rental Business Does Not Pay

When an individual buys a property as a rental all thoughts should be of a business like nature. A LIM or builders report are a normal part of the buying process. Requesting a P or meth test is another way of safeguarding the biggest investment most individuals make. Personally for me it is as important as the other two. I will never buy any property without having a P or meth test carried out.

 Sometimes families acquire properties another way by inheritance. Then it is what to do next. If deciding not to sell and then changing it to a rental is the way foreword then a P or meth tests should be considered. A professional letting agent would probably advise that p or meth testing was done prior to letting the property. This now gives a base line to move on with. The option is then to write into any tenancy agreements about interim p or meth testing  and follow up test as soon as a property is vacated.

Some letting agents in the current climate are not suggesting p or meth testing. Things change and often do a u turn change of direction and in the future this position could be a bad move. So keeping up to date with p or meth testing  is" a do no harm position".

If properties are let without having had a p or meth test carried out first a real can or worms can ensue.  No base line is present. The first tenants come and go. Someone remembers about the issues with p or meth and a test is carried out. Its never good news as the tester who has to tell owners they have a contaminated property. Its even worse when they tell you that its been some family member in it with children. 

It leaves a nasty taste in the mouth for all parties. There is no way that p or meth testing can prove who did what and when. Was it the original owner , the family who lived in as tenants, or any guests who have stayed there in the past. There is no time frame for when the p or meth arrived. Now all that is known is that the property now needs to be cleaned up professinally. The property also would need to be re tested for p or meth before moving on.

So the moral for today is always keep upto date with p or meth testing a property. It is like a health check. May all your problems be small.