Many people have decided to become a landlord in recent years. The buy to let market is always increasing and the demand for rental properties has been growing hugely in the past decade, so for many it is a wise investment. Being a landlord can suit anyone from any walk of life – from a pensioner looking to supplement their income, to a working professional who wants a long-term investment in bricks and mortar. But before you embark on being a landlord, here are a few things to consider…
It is a good idea to rent your property out through a letting agent. This takes an enormous amount of the hassle out of it for you, and if you are inexperienced, this is a good way to make sure that the property is managed correctly. They will carry out things like credit checks and inspections on your behalf and be able to offer advice.
Remember that as the landlord you are responsible for keeping the property well maintained and sorting out any general repairs that may need doing, which can sometimes be costly. Some repairs it may be possible to do yourself, but others such as gas safety checks will need to be carried out by a qualified professional. Things such as an electric meter box from https://www.meterbox.co.uk/electric-meter-boxes can be a good option to install in a rental property.
Some of the down sides are things like problem tenants and periods of time where the property is empty. Although a letting agent should be able to help you to combat this, there will still be problems that you will need to deal with from time to time, so it is important you are aware of what you are taking on before you commit.