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Building a property and renting out. Pitfalls?

Building a property and renting out. Pitfalls?

Old Apr 22nd 2012, 10:39 pm
  #1  
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Default Building a property and renting out. Pitfalls?

Hi.
Does anyone have any real experience of what the pitfalls are of building a property and renting it out to locals and tourists?
1. Can the government tax you as if its a business?
2. What type of insurance would you need for the property if you were renting it out?

Thank you.
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Old Nov 16th 2012, 6:38 pm
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Default Re: Building a property and renting out. Pitfalls?

Just wanted to bump this thread as may have to do the same and I know Officialdom is not easy there.
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Old Nov 16th 2012, 7:13 pm
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Default Re: Building a property and renting out. Pitfalls?

If you are going to build you will have to find a builder you can trust. Problem is, it will cost alot more than they quote, they will want money up front, and have been known to clear off never to be seen again!

If you are not on island they will be building another house with your materials and charging you for doing them both.

Good time to build though, as not much going on. But rentals are poor!

We have just built and have a good guy. Send me a PM and we can discuss.

Colin
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Old Nov 16th 2012, 9:44 pm
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Default Re: Building a property and renting out. Pitfalls?

Thanks for the reply Colin. I'm not in a position to build yet. My parents want to sell a piece of land and I'm toying with the idea of buying it off them. As to people running off with money I am aware of that, as that happened to my parents many years ago and a certain Mr Peterkin. It took my Mum over 15 years to track him down and get her deeds for the land back. I Can see I have a lot of homework to do.
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