Becoming a landlord is the perfect career option if you have an interest in real estate or are looking to make a long-term investment. With the increasing demand for rental accommodation, more investors are deciding to purchase properties within the rental market to make an extra income alongside their full-time job. While it may seem like an easy way of making money, there are several regulations in place that shouldn’t be overlooked to make your property investment career a smooth process. In this guide, we’re going to provide some useful tips for new landlords to keep in mind when starting out:
Know who you’re targeting
All tenants have different requirements when it comes to finding their ideal property, so when purchasing a property for rental, it’s beneficial to have a thorough understanding of the type of tenants you’re targeting and the tenancy contract that is most suited to your situation. Without having a rough idea, you’ll find it difficult to secure interest from potential tenants. Once you have decided on a specific audience, you should research the property attributes that are of interest to them before purchasing a property, as well as the location that would be most ideal for their needs.
Make your home appealing
The property market is becoming highly competitive, with more investors trying their hand at becoming a landlord; therefore, it’s in your best interest to make the property as appealing to tenants as possible. Carry out thorough renovation works and modernize the interiors to create a homely and welcoming feel. A state-of-the-art kitchen is often the most sought-after room of any home, so you should consider upgrading the fittings to entice tenants to choose your property. Browsing online for ‘kitchen showrooms near me‘ will allow you to get a feel for different styles and designs and chat with professionals to gain their expert opinions.
Carry out routine inspections
Choosing tenants to live in your property comes with the element of trust, to be respectful and mindful of the home as temporary residents. Carrying out regular inspections means you can check for any damage and charge the tenant accordingly for any repairs or replacements. Do be aware that it is against the law to enter the property without a tenant’s permission. You should give at least 24 hours’ notice which is typically agreed and signed within the tenancy agreement.
Advertise the property online
If you’re struggling to find tenants, you could consider advertising your property online. This allows you to describe your property in full detail, including the number of bedrooms and bathrooms and a comprehensive depiction of the local area. The more information you provide, the more interest you will receive. It’s also a good idea to upload high-quality photographs of both the interior and exterior of the property so tenants can get a clearer image of the layout and features of each room.
Collect rental payments online
Another useful tip is to collect rental payments online, as opposed to cash in hand. This is a much more reliable and secure transaction and boosts the likelihood of tenants paying on time. There is even the chance to set up a standing order so that the money is automatically transferred on the deadline date to prevent having to deal with missed or late payments.