With property prices cooling, now might be just the time to snap up a buy-to-let bargain and become a landlord.
If you’re considering diving into the private rental sector for the first time, here are five things you should know.
Being a landlord is not a ‘hands-off’ role
An investment property can be a great source of income and an excellent way to set yourself up for retirement. But being a landlord comes with legal and moral responsibilities. It’s important to take the job seriously; otherwise, you could lose money instead of making it.
You need to be organised
As well as staying on top of maintenance and repairs, landlords must adhere to rules and regulations covering everything from safety checks to deposits. Successful landlords don’t leave things to chance; they have good systems in place to ensure things run smoothly.
Play the long game
The property market will always have its ups and downs. To really reap the benefits of your investment, it’s best to have a long-term strategy and not get too obsessed with short-term fluctuations.
Keep things professional
Never rent a property to a friend or acquaintance, and always have a written contract. It can be tempting to let to someone you know, but things can get messy if you fall out. It’s best to have a little bit of professional distance between you and your tenant.
Expert help is available
If you want to enjoy the financial benefits of owning a buy-to-let without the stress and hassle of being a day-to-day landlord, then get a letting agent to manage your property. Many investors, especially first-timers, find it reassuring to have a professional looking after their property.
Contact us today to learn more about our property management services.