Guide to being a landlord

If you're thinking of finding a property for sale that you can rent out, you'll undoubtedly be looking for tips about how to become a buy-to-let landlord.

When you're in this situation, it's important that you keep in mind that the process of purchasing a property to let is not as straightforward as often believed and is different to buying a home for yourself and your family.

However, there are a number of tips to follow that can guide you through the potential hazards of the process of getting your own rental home.

Firstly, it's important that you research the legal, financial and practical aspects of becoming a landlord with the help of UK estate agents.

It's also a wise idea to be aware of the demand for rental properties in an area and choose a house where this is high demand and the market is not already saturated with similar properties.

Also think about your own finances and decide whether you are buying a property for monthly rental income or so that you can make a capital gain by selling it.

Furthermore, those like yourself who are buying to let would be wise to purchase a property that allows for sufficient profit margin and avoid "bargain" buildings, which could end up costing a lot of money for major repairs.

When it comes to decorating, you should do so to demand, making sure that the home is not styled to your own personal tastes and appeals to the target market.

It's also crucial that landlords check for safety and follow the legal requirements of various safety regulations for gas, electrical equipment and furnishings, for example.

As well as this, also make sure that you know what you and the tenant are each responsible for, with landlords being responsible for paying ground rent, buildings insurance and insuring items in a property.

If you want to get a buy-to-let property, it's also worthwhile getting ready for voids when income is not generated as a property is empty.

There are ways around this, however, by advertising for new tenants and carefully planning when carpets should be replaced and walls painted so that months are not taken off the lettings calendar.

Furthermore, if you want to be a landlord it's essential that you move with the market and stay aware that rents will have to be lowered if the market softens, regardless of a property's desirability.

Another option for buy-to-let landlords could be to hire a letting or managing agent, as it can be hard to know the sort of lease to use, how to vet tenants and be aware of where to advertise a property for those with no experience in the area.

It's definitely important to be aware that a landlord has a job that lasts 365 days per year and should not be left the responsibility of loved ones.

Instead, pick a worthwhile agent affiliated with the National Association of Estate Agents to collect rent, draw up a lease, inspect a property and find tenants.

With all of these tips in mind, the process of becoming a landlord should be far more hassle free.