What To Think About Before Becoming A Landlord

One way to make a living or earn an extra income is to become a landlord. Real estate is a great business to get into if it’s your passion and you know what you’re doing.
You may have tossed around the idea of becoming a landlord but aren’t quite sure if it’s the right role for you or not. In this case, review what to think about before becoming a landlord and what to consider as you try to make your way into the business and industry. The more prepared you are mentally the better chance you have of succeeding.

Your Motivation

Consider your motivation before becoming a landlord. The reason being is it’s a commitment you need to take seriously and can’t just quickly get out of when you don’t feel like doing it anymore. Set realistic expectations for how much time and effort you’ll need to put into getting the right education and credentials and what the job will require of you long-term. You’ll need to be able to stay motivated to continue going strong when obstacles arise or the market takes a hit.

Your DIY Capabilities

You’ll also need a plan for how you’ll handle property problems and repairs that pop up. You may want help in this area if you are not that skilled at home DIY projects or simply don’t have the time to address them. Take a moment to review What is Facilities Management and all that’s involved in caring for a property properly and legally so that you know what to expect. You can’t just wing it and hope for the best. You need to be able to maintain the property well and respond to questions and issues in a timely manner. Know what you’re responsible for and will need to take care of so you have the help handy and money available.

Ways to Find Tenants

Think about how you’ll find quality tenants to rent out your properties. Before you become a landlord it’s wise to set up a tenant screening process. It’s an important step in the process of filling your properties and you’ll want to make sure you have reliable people living in them. It’s in your best interest to take the time to check out references and run background checks before having a tenant sign a lease and move in. While it may be tempting to rent to friends or family, it isn’t always a good idea and you should consider treading lightly.

Your Schedule

Being a landlord is a big time commitment and will take up a lot of your schedule. Think about how much time you have available for and to give to the role before diving in. It’s not only about renting the places out and securing reliable tenants but it’s also about properly maintaining them. There’s not only a time commitment involved but also a financial responsibility on you, so make sure to run the numbers prior to taking on this new role. Keep in mind that being a landlord is a business and not just a hobby.

EAN Content

Content shared by this account is either news shared free by third parties or sponsored (paid for) content from third parties. Please be advised that links to third party websites are not endorsed by Estate Agent Networking - Please do your own research before committing to any third party business promoted on our website. As an Amazon Associate, I earn from qualifying purchases.

You May Also Enjoy

Breaking News

Popping the Asking Price Bubble

Where in the Uk Can Buyers Snap Up Property Bargains and Where Properties Go for a Premium Above Asking Price   New research from fast selling property company, Upstix has uncovered the UK’s most surprising postcodes for snapping up a property at bargain prices this year, highlighting a widening gap between sellers’ expectations and the…
Read More
Rightmove logo
Breaking News

Highest demand to lease office space since pre-pandemic

The latest insights from the UK’s number one commercial property website Rightmove, reveals that the number of unique enquiries to lease office space is at its highest point since pre-pandemic, as businesses look for spaces that meet modern requirements. Demand to lease office space is 19% higher than the same period a year ago and…
Read More
Planning disputes on new build land
Estate Agent Talk

Planning consultations for major infrastructure to be streamlined

Robert Bruce, a planning and infrastructure partner at law firm Freeths LLP, said he: “Welcomed the change as a significant step to speeding up the DCO process and the focus on the quality and effectiveness of the consultation, rather than box ticking and a risk averse approach to pre-application consultation due to the current legal…
Read More
Breaking News

‘The property ladder pulls further away’ warns Open Property Group

For many first-time buyers across England, the dream of homeownership continues to slip further out of reach. Despite rising wages, soaring house prices are making it harder than ever to get on the property ladder. A leading UK professional house buying company ‘Open Property Group’ based in Buckinghamshire UK, has raised concerns over the ongoing…
Read More
Estate Agent Talk

How Long It Takes to Buy a House in the UK: 5 Common Delays That Can Slow Down Your Home Purchase

Wondering how long it takes to buy a house in the UK? The average timeline ranges from 8 to 22 weeks, but even that can stretch significantly due to unexpected delays, especially if you’re a first-time buyer or caught in a chain. That’s why working with experienced professionals like Belvoir — one of the UK’s…
Read More
Love or Hate Rightmove
Breaking News

Rightmove to host Renters’ Rights Bill webinar with Guild of Lettings

Rightmove is hosting a live and interactive webinar session with the Guild of Lettings to help agents get Renters’ Rights Ready. The webinar will take place from 10:00am – 11:00am on Wednesday 23rd April. Susie Crolla, Managing Director for the Guild of Lettings, will be joining Rightmove to help agents with questions they may have about…
Read More