| Thinking of becoming a landlord? Making it work is | | | | and ensure it provides the right level of cover to |
| notoriously stressful, scary, and not to mention a | | | | meet your requirements. For instance, buildings, |
| financial worry. But if you go about it in the right | | | | landlord's contents and loss of rental income should all |
| way, by doing your homework and carefully planning | | | | be included. For the best deal, it is wise to compare |
| what needs doing, then you too can become a | | | | the market, and this can easily be done online. |
| successful landlord. | | | | |
| | | | | 6. The property contents – It is important |
| To help you on your way, this article covers the 10 | | | | to think about the needs of your tenants, and doing |
| things any landlord must consider before setting out: | | | | so beforehand will save you hassle once they have |
| | | | | already moved in. For instance, students will need |
| 1. The property type – Ensuring you buy the | | | | desks, and shelves, whereas a young family may |
| right type of property for the type of tenant you | | | | need a cot. |
| have in mind is important. For instance, a property | | | | |
| best suited for students should be close to the | | | | 7. The property decoration – Never |
| university campus, whereas a professional tenant | | | | compromise on quality in order to save a few |
| may require easy access to local amenities and public | | | | pounds, because in the long run it pays to have |
| transport. Your local letting agent is a good place to | | | | durable fixtures and fittings. It is also wise to use |
| start, because here you can keep up to date with | | | | neutral colors because these are most likely to |
| what's happening in the buy-to-let rental market. | | | | attract all types of tenants. |
| | | | | |
| 2. The mortgage – Researching the | | | | 8. Managing your property – If you do not |
| mortgage market is essential, especially if you are | | | | have the time to look after your property and |
| looking for a specific type of mortgage, like a | | | | tenants, then you should consider using a letting |
| buy-to-let one. It is advisable to contact your local | | | | agent, who will be able to do so for you. A letting |
| mortgage broker who will be able to find and help | | | | agent will be able to manage most aspects of your |
| you arrange the best deals on the market. | | | | property, and will do as much or as little as you want. |
| | | | | |
| 3. The location – You may have a great | | | | 9. Understand the legalities – Becoming a |
| location in mind for your property venture, but is | | | | landlord has responsibilities, and some of them are |
| there a demand for rental properties? Do your | | | | legal requirements. For instance, ensuring your |
| homework first, and find out if it is worth letting a | | | | property has the correct fire safety, and is gas safe. |
| property in the area. | | | | Finding out what your legal obligations are is a must, |
| | | | | so contact a reliable legal representative for advice. |
| 4. The tenants – Decide the type of tenant | | | | |
| you want to let your property to, and then find out | | | | 10. Be in it for the long-term – Becoming a |
| if they are present in the location you have chosen | | | | landlord should never be viewed as a short-term |
| for your buy-to-let property. You should also get | | | | venture, because making it a success involves finding |
| references from potential tenants before you sign | | | | the right property and tenants for the long term. Do |
| any contract. | | | | remember to stick to your budget, even though you |
| | | | | may be itching to quickly expand your buy-to-let |
| 5. Landlord Insurance – Arrange a specialist | | | | empire. The last thing you want is to be financially |
| Landlord Insurancepolicy to protect your investment, | | | | burdened. |