Becoming a Landlord

A guide for beginners in ‘becoming a landlord’. In the past decade more than a million Britons have become landlords. The first step to a successful investment is to choose the right property, but what you do next is equally important.

Becoming a landlord

Becoming a landlord is not as hard as you might think, and, many become landlords without really realising, letting our the family home whilst they take a long holiday, work abroad etc, often through mistake people realise “you know what, it’s good being a landlord, I am travelling and my mortgage is being paid for when I return”.  Becoming a landlord is not for everyone, risk averse people should stear clear, those with a weak heart or a poor disposition for dealing with stress should also stay out the market.

 

Becoming a landlord – is now the time?

It might appear to be the wrong time to become a landlord, housing price crash, debt, recession, but, now is as a good time as any to becoming a landlord:

  • The old saying “money goes to money” – well that is quite true in property, in a depressed housing market those with a bit of cash snap up property bargains – when is there a better time to buy property than when it is at the bottom of a cycle?
  • Another saying “fortune favours the brave” – well, be brave take a leap and buy your first under market value property
  • Interest rates are at their lowest ever rate!
  • Buy to let investors are banks favourite at the moment as they see more people turning to renting thus pushing up demand and rental prices
  • More people looking to rent due to problems in the housing market – will push up rental prices

 

becoming a landlord | landlord adviceBecoming a landlord – getting going

When becoming a landlord it is important to understand the legislation, choosing whether or not to use a letting agent or not.  Throughout this site and our online letting agency site we provide lots of great information and advice and services to landlords, we would strongly advice anyone wanting to become a landlord to take a few hours to read around the subject, do your homework.

Some essential links to get you going are:

 

Becoming a landlord – top tips

If you are considering becoming a landlord here are some of our personal top tips:

  • Buy at the right price – many landlords buy property at the wrong price and hope the market will save them
  • Ensure you know the rental value of properties in the area, work out your rental yield and ensure your rent will cover ALL your costs, seen and unforeseen!
  • Provide good quality properties – neutral and clean
  • Ensure you get all your tenancy paperwork signed correctly – download our free tenancy pack – it has it all covered
  • If this is your first property, use a letting agent, Visum offer support, advice and advertising without the costly monthly commissions, so, we are there when you need us but not draining your income

 

So, becoming a landlord is possible for most and not that hard, and, it’s still a growing trend.

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