Becoming a landlord is a really exciting time, yet there are some things that you need to consider in order to make it a success. From working with landlord solicitors to getting the right insurance, you need to consider all of these things to make sure that you are ready to become a landlord.
The first thing you need to do is consider your financial situation carefully. You might have a deposit ready to go for a rental property, and you might have enough for a renovation, but there are so many other costs to consider. The most important thing to remember is that you should never become a landlord if you are absolutely reliant on it as a form of income. The rental market can be extremely difficult, sometimes with lots of demand and other times when you won’t be able to fill the property. So, you need to prepare to be able to pay the mortgage, bills and everything out if you can’t find a tenant for the property.
You also need to take into account the fact that when you do find a tenant, if something goes wrong in the property, you need to pay to fix it. Anything to do with the structure or exterior of the building, heating and water or permanent fixtures are the responsibility of the landlord, so you need to have separate savings ready to pay for all of these things. They can be quite hefty, as the cost of paying for a new boiler and a plumber to fit the boiler won’t be cheap. This is why to begin with, being a landlord should be an added bonus rather than a sole form of income. As long as you are honest with yourself about whether or not you are truly in a position to become a landlord, then you are going to be prepared.
Another thing you should do when becoming a landlord is to work with solicitors for landlord legal advice. It is vital to work with solicitors as they will be able to make sure that all of the legal work within the property remit is dealt with. A whole range of problems can arise when you have tenants, a lot which you could never expect, so it is best to have a legal team on hand to help when needed.
Having bulletproof insurance is another thing that is absolutely essential when you’re becoming a landlord. Again, there will be so many different things that you could never think would arise, so you need to work with an insurance broker who specialises in property to help you get all of the right cover for the right price. This might take a bit of investment, but it is such an important one to protect yourself and your property in the future. So, make this a priority now and it will definitely be worth it long term.