Connect with us

Real Estate & Investment

How to Become a Landlord

Rental properties can represent a great investment. However, becoming a successful landlord takes plenty of preparation. If you’re planning to purchase a property and let it out, take a look at these top tips first.

Do plenty of research

Firstly, you’ll need to do plenty of research. It’s helpful to network with letting agents and landlords to learn from their experiences and to get useful pointers. Also, make sure you’re in the know when it comes to property market trends. This will help you to buy at the right time and in the right place.

Choose the perfect property

If after doing your research, you decide to go ahead with your property project, you’ll need to select the perfect house or flat. Of course, the property must fall within your budget. It should also be in an area with strong rental demand. Locations with access to good schools, transport links and local amenities tend to prove popular. Also, accommodation close to universities typically benefits from high levels of demand.

Consider looking further afield than your immediate neighbourhood too. Being close to your rental property might be convenient, but it’s not everything. Bear in mind that you can get a property management company to look after the home and you may be able to access better deals in other locations.

You’ll also need to decide whether to buy a property in tiptop condition or to take on a project. Houses or flats in need of home repair can represent a real bargain. However, you have to be confident that you can do the relevant work. You’ll also need to ensure you leave enough room in your budget to complete the revamp.

9226948365_62b4d743c0_c

Link to source

Get your finances in order

Crucially, you’ll need to make sure your finances are in order before committing to become a landlord. Work out how much money you will need to borrow and what your interest rate repayments are likely to be. You can then establish the rental yield you will need to make in order to generate a profit or at least cover your mortgage costs.

In addition, you must factor in your insurance expenses. To find cheap landlord insurance deals, look online. It’s important to budget for ongoing maintenance and repairs too. You might be lucky and have minimal expenses to contend with as a landlord, but it’s vital that you have a reserve of cash just in case.

Also, take into account the fact that your property may not have tenants in it 100% of the time. You will need to be able to cover any weeks or months when your property is empty.

Know your responsibilities

As a landlord, you will have certain legal responsibilities and it’s important that you’re aware of these. For example, you will have to conform to certain rules governing deposits and tenancy agreements. You can find all the information you need over the web.

By making sure you cover each and every one of these issues, you should be able to achieve your goal of becoming a landlord.

Continue Reading
Advertisement

Popular How To Guides

Travel13 hours ago

How To See the Sights of London in One Weekend

If you have never been to London before, you may be wondering where to start with a plethora of landmarks...

Finance1 week ago

How To Trade Forex – Forex Trading Tips You Shouldn’t Ignore

The stock market can be an extremely profitable way of earning a living, however, it can also be highly stressful...

Sport2 weeks ago

How to Prepare for a Coaching Session

Fail to prepare, prepare to fail – the mantra of any good coach. Before any training session, as a coach,...

Fun3 weeks ago

How To Become A Competent Hunter

Public interest in hunting had hit a bit of a lull between 2015 and now. However, 16.9 million hunted in Spring of...

Social3 weeks ago

How To Get Your Kids Ready For Their First Baseball Game

The first baseball game that you kids play is an exciting time for a parent. There is no better feeling...

Games / Video Games4 weeks ago

How To Start Following Horse Racing

Following horse racing is one of the world’s most popular pasttimes, particularly with those who wager on a regular basis....

Technology4 weeks ago

How To Convert and Download YouTube videos to your Local Hard Drive

YouTube is a great platform but the second you lose your internet connection, it becomes obsolete. Without a steady connection...

Games / Video Games1 month ago

How To Play The Lottery: Five Things You Need To Know Before Playing

Lotteries are the world’s most popular form of gambling, as the low stakes with potentially life-changing returns are just too...

Trending