Jacqueline / Published on July 11, 2013
If you’ve ever rented a property before, then you’ll know just a how profitable a business it can be. So if you fancy becoming a landlord, here are some top tips to consider first.
Take advice from others
If you’re new to the landlord game, then you should really pay attention to the advice from other people in the know. Meet with other landlords to get a better feel for the business, or why not join the National Landlords Association.
Make it legal
There are all sorts of legal requirements for landlords so make sure that you follow the law to the letter.
Have your ideal tenants in mind
Before purchasing a property, you should consider the type of tenants you wish to target. For students, buy property close to a university; young professionals prefer contemporary city living, while young families want to live in the catchment area for good schools.
Are you able to travel?
You may think that by buying an expensive London property, you’ll get more money back in the long run, but in actual fact it may well be the other way round. Broaden your spectrum to properties outside of London – renting is on the up in the North (49 per cent growth in tenant demand compared with 6 per cent in London).
Consider the bad points too
As with any job, letting is not all sweetness and light – it’s important to consider how you’ll manage if your tenants are made redundant from their jobs, or if the house were to catch fire or become flooded.
Decorate to suit your target market
You’ll find a whole host of decorating materials and accessories for bathrooms, kitchens and bedrooms on Choiceful.com. Remember that students are better suited to clean, basic styles, while young professionals will be expecting something sleek, chic and modern and families want to feel right at home.
Are you a landlord? Do you have any tips to share?
