Being a landlord and renting out a property is something that has become all the more popular of late. People are trying to find new ways to bring in funds and alongside this, renting properties as opposed to buying them has become more popular.
Are you thinking about becoming a landlord? If you are, then there are some things that you should be aware of, know about and consider before you start. To help you along the way, we have put together some of our top tips on becoming a landlord.
Always think about your expenses
One of the biggest expenses of becoming a landlord has to be buying a property. However, this isn’t the only money that you are going to need to invest. You are going to have to make sure that the property that you have bought is ready for people to move into, and that it is a nice place to live. Not only this but you will also need to think about the ongoing expenses of owning a rental property, especially since things can go wrong throughout any tenancy.
Take time to learn more about the legal requirements
Another important consideration for any landlord is always to take the time to learn more about the legal requirements. These are not only vital to ensure that you are acting within the law, but also help to protect the property and you own, as well as the rights of your tenants too.
Consider what type of tenant you want to appeal to
In order to be a successful landlord you are going to want to make sure that you find the right tenants for the property that you want to rent out. This means that you are going to need to take the time to think about which tenant appeals to you the most. Like the idea of renting to a professional couple, a business person who only stays during the week or perhaps a family looking for their ideal home? Once you have this in mind, then you can start to find a property and then in turn your tenants.
Shop around for your buy to let mortgage
Just like any other financial decision, it pays to take the time to shop around for the very best deal for your money. After all, buying a house is a huge investment and it is important that you are going to get the very best return on it. Speak to Cooper Adams about the best current deals.
Decorate for a tenant not for yourself
When the time comes to prepare your property for your tenants then you need to ensure that you are looking at it from the perspective of this possible tenant and not yourself. Whilst you may have particular tastes when it comes to interior design, these may not be shared by a tenant. Whilst it may feel a little dull, the best approach is to always opt for neutral shades rather than bold colours.
So, there you have it. Whether you are renting out a house, a flat, or even a student digs, you need to consider these top tips in order to become a top quality landlord. After all, a successful landlord is one that has plenty of happy tenants.
For any FREE letting advice please speak to the team at Cooper Adams