Investing in property has long been seen as the wisest way to ensure that your hard earned cash returns a profit. While many people choose to flip properties, buying them cheaply, renovating them, and then selling them on for a profit quickly, this can be difficult when the housing market isn’t buoyant. Instead, property now has to be thought of as a long term investment. This means becoming a landlord. Being a landlord might sound glamorous, but this couldn’t be further from the truth. It requires commitment and time, if you are to take your foray into property investment seriously. Take a look and see if you could be a landlord.
To be a landlord, you first need to secure a viable property to let out. The property you end up making available to renters needs to be habitable and have all the necessary mod cons to make life simple, such as a dishwasher. Don’t think that you can get away with rubbish kitchen units, an avocado bathroom suite and dodgy stained carpets. A renter deserves a high standard of finish. With the amount of rental properties on the market nowadays, you need to compete in order to secure the best renter. Buy a house that needs basic decor renovation and get to work.
You don’t need to purchase the most expensive granite quartz worktop or the latest Neff appliances, but you do need to go above and beyond the basic finish to secure the highest rental yield. For some people, they choose to purchase off plan and secure a brand new home. Companies like Prospect Homes provide exceptional housing that could be rented out easily.
As a tenancy comes to an end, you might want to refresh the property. A tenant who has been in the pad for three or four years may have left the walls scuffed, and the carpet stained. Get these changed and whip out the white paint to give the whole pad a newer feel. Your new tenant will appreciate it. When you have had your property for a decade or more, you might be tempted to cash in and sell. Take a look at your potential profit, and the housing market forecast and make a decision based on this.
As a landlord, you need to be committed to ensuring that your dwelling is fit for habitation. Ensure that the boiler is serviced the electrics have been PAT tested and that you have a carbon monoxide alarm fitted. Be safe and adhere to landlord guidance. When something breaks down in the property, whether this is the boiler breaking or a patch of damp appearing on a wall, you need to be on hand to get this fixed quickly. Your tenant is paying you for a certain level of accommodation. If you don’t have the time to be present, employ the services of a property management company to take on these sorts of responsibilities. It may cost you a fee every month but this can be money well spent if it means that you don’t have to deal with the maintenance.
Being a landlord isn’t easy. You need to do a lot more than just watch the rent appear in your bank account each week. However, get it right and property could be your ideal long term investment.