Becoming a landlord can be one of the best decisions that some people make in their life. The added income, long-term security and investing in a property portfolio for many outweighs the time and effort that goes into making a success of their challenge.
Good things don’t come without hard work and if plenty is put into their role as a landlord, the benefits of the decision will soon become apparent.
Some people become landlords through circumstance, such as inheriting a property, whilst others plan to become a landlord and make investments in property and transform them for let. If you feel as though you have what it takes to be a successful landlord, and are ready to take the plunge, here are some top tips that we’ve learned over the years for those that are new to being a landlord.
If you are still researching into potential properties to rent out, make sure they match up with the tenants that you’ll be looking to attract. If you want to appeal to students, for example, the property will need to have a number of potential bedrooms, be close to university campuses and travel links. For young professionals, it will most likely be a flat or apartment in the city centre.
Do research into your market and into the area of the property as much as the property itself.
Although most think of landlord incoming, there are a number of expenses associated with setting up and managing a property. This includes gas safety certificates, mortgage interest, landlord insurance, and tenant acquisition. Consider these costs and work out a realistic profit margin. Is it worth the work?
There are benefits of providing a furnished and unfurnished property. If you furnish it, you can generally charge a bit more but it’s your responsibility to replace and meet safety standards; making it one more thing to worry about.
More detailed advice can be found in our post about whether a let should be furnished or unfurnished.
Accidents happen but some tenants are better than others. To protect yourself should anything go wrong, create a detailed property inventory with pictures before each tenant moves in. This will give you something to look back on should any problems or damage occur by a tenant.
If you are looking to invest in property but feel as though you will need some help in managing the property, our residential lettings department provides letting and management services for over 1,500 landlords in Market Harborough, Leicester and Loughborough.
For expert advice in lettings in the Leicestershire area, call our lettings department at one of our offices today:
Leicester: 0116 242 9929
Market Harborough: 01858 439 080
Loughborough: 01509 235 534