When moving into a new property, whether it’s your first or not, many people are opting to rent instead of buying, due to the staggering amount of money needed to put towards a deposit.
We’re hearing more and more about the difficulties facing first time buyers and climbing onto the property ladder, so for many, renting seems the only option. With this in mind, it’s becoming more common to see people already on the property ladder, renting out one or more of their properties and becoming a landlord.
For some, renting out properties can be a full time occupation, where some like to do it for the extra money. Whatever your reasons may be, this post should give you a small insight into how to become a successful landlord.
Make sure you’re covered
For anyone thinking of becoming a landlord, the most important part is to make sure you have the correct insurance which protects you at all costs. If you’re unsure of the different types of insurance available or providers, websites like homelet.co.uk/landlord-insurance can give you all the relevant information you need. Taking out insurance means that if you were to be faced by any issues such as tenants damaging your property, you will be able to have the issues repaired, hassle free.
The main bonus of having insurance is that you won’t be hit by any significant bills which need to be paid in one lump sum; meaning less issues in the long run.
Use a middle man
To make sure the process of renting out a property runs smoothly and works best for both you and your tenants; it’s best to use a letting agency. By doing this you are creating a middle man who can respond quickly to any issues your tenants may have and saves you being contacted on a regular basis.
If being a landlord isn’t your full time occupation then you’re inevitably going to have your everyday life to see to as well. Using a letting agency means the stress is taken off you slightly and they can be the first port of call for any issues regarding you or then tenants in your property.
Maintain a good relationship
Life as a landlord will run a lot smoother and stress free, if you have a good relationship with both your tenants and letting agency. We often hear of horror stories where tenants have left the property in horrendous conditions and a lot of damage left behind; which of course isn’t excusable; but can be helped by the way you act towards them.
Responding to any issues ASAP and allowing them to put their own stamp on the property can go a long way; considering some landlords don’t allow tenants to decorate themselves or even add a touch of paint where needed.
With house prices increasing and first time buyers struggling with the financial factors of buying a property, renting is becoming more and more popular.
The above guide gives you a small insight into what you should be considering if you’re planning on renting out one or more of your properties. With the right approach, becoming a landlord can be very rewarding and a great way to earn some extra income.