The battle between landlords and tenants is an age old war that spans millennia. While most landlords are keen to make sure they provide the best properties, and while most tenants just want to live in their rented accommodation without having any unusual or difficult requests, it seems that often these two parties just can’t agree.
Perhaps if you’ve been thinking about investing in properties then this could have put you off – maybe you’ve had bad experiences renting a place, or perhaps you’ve heard stories from other landlords who have struggled to keep their clients in check. Here we will look at whether being a landlord is for you, and how to go about making sure you get the most of it.
Is Being a Landlord Right for You?
If you are buying an investment property then renting that property out for a while as you wait for its value to increase is a great strategy. Not only will this mean you can wait longer for the property to go up in value, but it will also mean that you have someone there to maintain the place and look after it for you, and it will mean that there is money coming in in the interim while you wait to sell.
Of course though being a landlord isn’t right for everyone and it does take some work. You are of course going to have to tend to any problems that your clients have and that means you’ll have to put work into maintaining the place as well as money. For the most part this will be an occasional job which you would have needed to do anyway to keep your property in good condition, but on occasion it will mean spending money to repair damage that the tenants have done. This is what the deposit is for of course, but it’s important not to become cynical when you’re a landlord. Just because one tenant might take advantage of your good nature, you shouldn’t punish the next people you get in.
If you are unsure about whether or not you want to make the commitment of letting someone else live in your property, then an option is to use a short term contract which will mean that you reserve the right to ask the tenants to leave should you need to. Make sure you have a contract written up professionally that will protect your rights and assets, and if you don’t want to deal with the day-to-day elements of letting a property, then you can also let an agency manage that for you. This way you’ll pay a fee but you can wash your hands of dealing with repairs etc. and you’ll still make more from the property than you would by simply selling it on without leasing it in the interim.
Note of course though that while you have tenants in you won’t be able to do the same big repairs and renovations that you might have otherwise – so decide which is more profitable in the short and long terms.