Want to become a landlord just because you have property to let? You should know that to succeed in this business, it takes not only a house, but effective management and enough capital, as well.
If you want to dabble into the house leasing business, here are some questions that you should ask yourself first:
Can you handle the responsibility?
Landlords have to assist their tenants, collect rents and maintain facilities. Such activities are time consuming for those who consider house letting as a sideline. If you want to lease your house, but you don’t want to manage it personally, hand the reins to letting agencies. Online estate agents in London like gordonslettings.com understand the pressures with renting property out all over UK, so they usually manage the property on behalf of property owners.
Do you have enough capital?
House letting is a business that does not attract immediate returns. Before leasing your house, you have to spend much money on renovating the interiors, exteriors, and utilities. You have to spend money for the advertisements and pay taxes when renting out your property, as well. If your cash can cover all the costs, start practising your landlord’s rights. You may alternatively ask online estate agencies to save money. They usually have flat fee structure from marketing to administration services, along with free introductory services for new landlords.
Is your house leasable?
This is the most important part that most property owners overlook; they just lease their house without considering if it is presentable. To start in this business, give your property an extreme makeover before renting it out. Clean and repair the furnishings to attract tenants. Add gates, screens and locks to assure prospects that your property is a safe place to live in. Your property will attract tenants if it’s strategically placed near schools, offices, transportation and stores.
House letting is not just about having a nice property; you have to manage the responsibilities and costs properly. If property management is not your specialty, however, you may ask letting agencies to do them instead.