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Becoming a landlord isn’t easy. It’s not a career choice that should be made without genuine thought and consideration. Many people become landlords to capitalise on solvency or as an investment for the future. If you’re considering becoming a landlord at some point, here are the 5 things you need to know first.
This is an absolute must. When you become a landlord, it’s imperative that you understand what rules and laws you must follow. It’s also important to scratch up on your rights and the rights of your tenants. Ask yourself the following:
As a landlord, there’s many more questions you’ll find yourself asking. It’s imperative to know where your position is in the eyes of the law.
Being a landlord isn’t a 9 to 5 job. You may be you own boss and you may enjoy your independence. This doesn’t mean your working day isn’t altered and changed by others. At any moment, a tenant can call you with a major issue and no matter what, it’s your responsibility to resolve that issue. The severity obviously affects the time frame you can take to respond. If there’s a major issue which needs to be resolved immediately, it’s up to you to deal with it or call in someone who can. Your days will be unstructured and spontaneous. Be prepared for a tenant’s call at the most inconvenient of moments.
The best landlords do far more than that which naturally falls within the remit of the job title. In fact, you role will go far more than you could initially expect. Here are a few professions that your time as a landlord could prepare you for:
When you’re a landlord, no matter how much research you’ve done, you’ll always be surprised. Expect small issues to linger for a while and then expect major problems to suddenly dominate much of your waking life. Thankfully, the longer you do this job, the more likely you are to recognise potential complications. You’ll also learn after a few bad tenants, which warning flags you should look out for and what circumstances breed disaster.
Whatever your own personal goals may be, being a landlord can help you achieve them. As a landlord, you’ll get freedom, money and power. If you make enough, you can even grow your own mini empire of properties. Put the hard work in and benefit from the rewards further down the line.
If you’re a landlord concerned about the headache of inventories, find out how No Letting Go’s services can remove the stress from the process.
Historically, landlords and animals don’t have the best relationship. The fear of damage, infestations and related costs sometimes seem too much hassle than they’re worth. But, people love their pets! So, landlords who ban them run the risk of putting off many potential tenants. It can feel like a catch-22! To try and help, here’s […]Read more
Letting out your property can be daunting! While rare, all landlords have heard stories of tenants damaging furniture, falling behind on rent payments and upsetting the neighbours. How can you ensure this doesn’t happen to you? Here’s a guide to keeping your investment safe. Vet All Potential Tenants The first step is the tenancy vetting […]Read more
It’s time to talk deposits… These are a source of protection for landlords, ensuring they have a safety net should anything happen to their property. But, this doesn’t mean they’re without their own complications! Deposit disputes are common. If a landlord withholds money for any reason, this is an obvious conflict of interest between both […]Read more
Startling figures released by the Home Office have shed light on the true scale of measures taken against non-compliance to the government’s Right to Rent scheme. Since 2016, over 400 fines have been handed out, at a total value of £265,000. It’s clear that Right to Rent checks have never been more important for landlords […]Read more