If you have ever considered becoming a landlord, now could be the perfect time. With the property prices falling – 17.5% in the last year, based on Halifax – several individuals are choosing not to sell and deciding to rent instead. You can find now 1.5m landlords in the UK and this number is nonetheless rising. The Association of Residential Lettings Agents believes 2011 will be an ‘opportunity for property investors’.
Here’s our top tips on how to become a landlord:
Make a good impression
Make sure the property is spotless before you show any prospective tenants around. If achievable, paint the walls in neutral colours – not every person will likely be a fan of bright blues or shocking pinks. And invest in good-quality fixtures and fittings – they are going to be worth it in the long run and will give your property the edge more than much more crudely fitted out locations.
Follow the rules
Before you rent out your property, you may want to acquire the following documents:
Energy Efficiency Certificate – shows the property’s energy efficiency. It expenses about £70 but is valid for ten years.
Gas safety certificate – from a Corgi registered gas engineer
Do the maths
Research the rental prices for comparable properties around your location, and then assess the financially viability. The rent ought to ideally be at the very least 125% of your mortgage payments to ensure it’s a sensible alternative.
Do not get greedy
It’s far better to have a tenant in the property for a lower rental price than to have the property empty whilst you might be holding out for a greater amount.
Use your head
Whatever your history with your property, you will have invested plenty of time and money into it. When you rent it out, you have to look at the property like a company and run it as such. Emotions really should not come into play.
What other tips are there on how to become a landlord?
If you’re serious about becomine a landlord, then we recommend you purchase Successful Property Letting:How to Make Money in Buy-to-let, it truly is a great read, and we still refer to it even today. It’s only £5.88 now too, so it’s a real steal. Honestly, if there was one book that can successfully teach you how to become a landlord that’s it. Click the link above to purchase it from Amazon.
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