So, you’re thinking of becoming a landlord. It isn’t easy. You might think that all you need to do is get a buy to let mortgage and you can start seeing that extra income in your account each month, but that isn’t the case.
If you want to become a landlord, a lot more thought needs to go into it. Here are some tips you can use and valuable advice:
A reliable company will always make your experience as a landlord that much easier. It’s up to you whether you want to do this or not; you might not think it’s necessary when you only have one property to handle. While this is true, you need to bear in mind that it’ll be up to you to handle emergency calls in the dead of the night. If you find a reliable company to help you, they’ll sort any issues out as fast as possible and all you need to do is pay. They can help you with lots of different things, so it’s a case of discussing your needs and setting something up that suits your budget.
So, you think the money is just going to keep rolling in every month? That’s highly unlikely. There will be times your property is not occupied, whether that’s for a few weeks or a few months. You should have money in reserve in preparation for this, so you don’t end up left in the lurch. It all depends on how long it takes to get somebody living there again – a company could help you with that too.
You can’t just rent out any property. If you’re going to do this legally, you need to make sure your property meets the standards expected and that it’s safe for the occupants. If not, you could get in big trouble. You’ll need to arrange for it to be checked over as often as required and make the repairs necessary.
You may need to arrange something small like communal dish installation, or something more complicated like an appliance replacement. Whatever it is, you need to make sure it gets done in a timely fashion.
Not only do you need to be a good landlord by following the rules and making sure everything is legit; you need to make sure you’re a good landlord to your tenants. Keep them informed on things they need to know about, wish them a merry Christmas. Buy them some wine when they move in. When they like you, they’ll be more likely to respect your property and give you lots of notice if they decide to move out. You should get your rent on time too!
So, do you still think you have what it takes to become a landlord? It can be a lucrative opportunity but only if you do it right!