ARE YOU THINKING ABOUT BECOMING A LANDLORD?

If you are thinking about investing in property for the purpose of renting it out, or you already have a house that could be made available for rent, this is definitely a good profit booster. However, being a landlord is something that comes with numerous challenges and considerations. Read on to discover some useful tips to help you get started.

Do Your Research

This is probably a piece of advice you have already heard, but it is so important. Don’t dive right in and purchase a property just because someone has told you that it is a good investment. You need to do extensive research regarding rental yields in the area to make sure that it is worth your while.

Consider Property Management

One thing a lot of new landlords overlook is just how much of a commitment this is going to be. After all, you are going to be expected to attend to any property matters as and when they occur. If the boiler breaks, you cannot wait until you get back from your two-week holiday in Spain to fix it. It needs to be sorted within 24 hours, which is why professional property management services are beneficial. You can hand over the reins to a company that will take care of all of this for you so that you can enjoy a hands-off approach as a landlord.

Resist Greed

It can be very tempting to put your rental rates up by a good chunk each year, but you should think twice before you do this. After all, if you have good tenants, they can be worth more to you than a slight monthly increase. The last thing you want to do is scare them off and have an empty property for a number of months.

Establish a Maintenance Fund

As mentioned earlier, you are going to be responsible for all of the property repairs and maintenance that are required. Even if you use a property management firm, this is obviously going to cost you money, so you need to have an emergency fund set aside for matters like this. After all, you can’t tell your tenant they cannot have the toilet unblocked because you can’t afford a plumber!

Decorate to Please the Masses

Last but not least, don’t decorate based on what you like. You are not going to be living there. Decorate with the masses in mind. Don’t put men off by painting the entire house pink. This doesn’t mean you cannot add a bit of colour, you just need to be sensible with it.

Hopefully, you now feel more prepared for your journey as a landlord. Follow the advice that has been mentioned and you should be able to ensure that everything goes to plan and you make a good income from your new venture.

Contributed Post

Are You Thinking About Becoming a Landlord?