You guys know I purchased my first home a while ago, in fact, two and a half years ago now. Recently, I’ve been considering a second home with the intention to perhaps buy-to-let… But it all sounds rather complicated and let’s be real, I’m not sure if I can really, trully afford it yet.
Investing your money into property is a big step when it comes to looking at ways you can build an income to secure your future. In the long run, buying a property with a view to renting and becoming a landlord can help you build your nest egg. This could provide you with a healthy return and grow your retirement fund.
But before you take the next step in your property journey and becoming a landlord, there are some important things you should consider first.
Did you know you are responsible for the upkeep and maintenance of your rental property? You legally have certain duties to uphold to make sure your house is in good condition to allow people to live there. This includes things such as roof repairs, boiler issues, windows and structural repairs. Hiring a property maintenance company to take care of the work for you in a timely manner can help you make sure you are fulfilling your duties as a landlord towards you tenants but also looking after your investment for when the time comes to sell it on in the future.
Familiarising yourself with your legal requirements as a landlord is essential. This could include any or all of the following;
This will help you should you need to reference any of these laws when it comes to tenant disputes or inspections.
Rental payments are classed as an income and as such, you will need to keep correct and up to date records to prove your income to HMRC. you will also need to record all rent payments made so you can make sure your tenants are paying what they owe on time. you will need to prove they aren’t fulfilling their duties when it comes to paying rent if you need to get an eviction notice for non-payment.
Making sure you have the right tenant for your property should be something you focus on before you even accept applications. This can vary from landlord to landlord but in a nutshell, you want the people living there to treat it as they would their own home. you want someone who will not only pay their rent on time but also looks after the house and treats it well.
Know before you start your search for tenants exactly what criteria you want them to meet and then make sure you do all your checks thoroughly. this will make sure you stand a good chance of choosing someone suitable to move in.
Having good insurance in place will help you out should the worst happen. you can buy specific landlord insurance which can cover you for many things such as non-payment of rent, tenant damages and money towards structural damage or repairs.
It is better to be safe than sorry and not risk losing your investment due to circumstances out of your control or an errant tenant!
Full time I'm an ambitious Head of Marketing and Communications in the luxury industry. Part time, I'm an enthusiastic British Fashion, Beauty and Lifestyle blogger and YouTuber from Manchester, UK. This blog has been my outlet for the past 7+ years, and as a longstanding, Award-winning blogger I take the most enjoyment from creating content I truly love and believe in. All authentic. Always.