Are you thinking about becoming a landlord? If yes, then you need to read the below article.
While many people think that becoming a landlord is the easiest way to get rich quick, there are several aspects of this job that you need to consider before you take the plunge and buy your first property. Read on to discover the top 5 things that you need to know before coming a landlord.
When you become a landlord, you have many legal responsibilities that you need to ensure you comply with or you face getting into a lot of trouble.
You need to make sure that the property is safe to live in, that it is well maintained and that you understand the rights of your tenants. You also need to ensure that you have fire and smoke alarms fitted and regularly tested.
Look for potential hazards that may cause problems further down the line.
You will also have to pay tax and national insurance on any rental income that you receive.
Although you might be tempted to aim for a higher rental income, if you want to attract tenants, you need to do your research and set a realistic monthly rent.
Some of the key factors that you need to consider when setting your rent include the location of the property, the type of tenants you are looking to attract and any attractive features of the house such as off-street parking and a garden.
The condition of the property will also affect how much rent you can charge so make sure you take this into consideration.
If you become a landlord, there are several associated risks that you need be aware of and that you need to protect yourself from. If you lose your tenants but still need to pay your mortgage, landlord insurance can help to over this.
Insurance should also cover the cost of any accidental damage to the property or any items within it.
Don’t forget you also need buildings and content insurance too!
As mentioned earlier, many people believe that becoming a landlord is the easiest way to get rich quick without having to put in much effort. This is utterly wrong and being a landlord requires a lot of time and effort, you’re responsible for someone’s home after all.
As well as all the paperwork involved, you also have to be on hand to sort out repairs, look for new tenants and so many more tasks that can take up a lot of your time.
If none of this sounds appealing and you’re doubting if you want to be a landlord, then you should know that this can be a very rewarding role if you fully embrace it. Not only can you make good money if you find the right property, but you also get to help people find their dream home.
Plus, you never know, you might even grow your own empire of properties!
With over 15 years immersed in the property sector, Paul’s expertise is unparalleled. From his beginnings as a developer in Chelsea to pioneering the innovative Yuno property compliance model, his journey showcases a deep understanding of the industry’s intricacies.
Having been a slave to the beast of responsibility & liability, Paul decided to partner with property legal professionals & experts to create a platform that would empower all with the knowledge and means to set themselves free once and for all. With Yuno, you’re not just complying; you’re thriving.
With his Chartered Accountant background and extensive experience in corporate finance, private equity, and real estate, Steve plays a pivotal role as our Financial Director and Advisor. His financial acumen is invaluable in shaping Yuno’s financial strategies and ensuring sound financial governance.
With over 25 years of experience, Steve’s insights and guidance are instrumental in driving Yuno’s financial success.
With over 15 years of professional experience spanning diverse sectors, from law enforcement to fintech, Russell brings a wealth of knowledge to our team.
In 2016, Russell’s entrepreneurial spirit led him to raise an impressive $8 million for the establishment of Paymenta, a cutting-edge platform specializing in foreign exchange and remittances.
Russell is a proud graduate of Oxford, where he earned his PGDip in Software and System Security. His expertise and passion for technology make him an invaluable asset to Yuno, ensuring our platform remains at the forefront of innovation.
Lori brings over two decades of expertise in estate agency and the private rental sector to the Yuno team.
As a valued advisor, Lori plays a crucial role in shaping Yuno’s compliance solutions, ensuring they meet the needs of our clients in an ever-evolving industry. Her wealth of knowledge and commitment to excellence make her an integral part of our mission to simplify compliance in property management.
David’s legal prowess in property litigation, property regulation, and data protection is unparalleled. His extensive experience, especially in matters concerning residential tenancies and agencies, makes him an invaluable asset to Yuno.
With a keen eye for new legislation and obligations, David excels in advising and litigating complex property issues. He has a knack for finding innovative solutions within existing laws to tackle unique client challenges.
With a proven track record of nurturing businesses and an in-depth understanding of consumer behaviour in relation to property, Kate is a true industry figure. Her insights and expertise are invaluable to Yuno’s mission.
Kate’s dedication to improving the property industry aligns perfectly with our goals, and her guidance helps us continually evolve to meet the needs of property professionals and consumers alike.
