Want Your Home To Earn Its Keep? Find Out How To Become A Landlord


Making money from your property can seem like a lot of hard work. Looking after a property is also hard work and requires a regular cash injection to ensure it is well maintained. By becoming a landlord of your property, the rental income that you earn should provide enough cash to keep your property in tip-top condition. It should also provide you with a source of income for yourself, as long as you keep your property maintenance costs down. More people than ever are looking for good accommodation in the rental market. If you own a property you are not living in full time, now may be the time to make sure it is earning its keep, and rent it out.

There may be local events you can take advantage of. During big festivals, local homeowners can make a substantial amount of money renting their homes out for a week or two. Some people take advantage of going on holiday or visiting family elsewhere. You may want to put some of your personal items into storage, and even run credit checks on those who apply to stay in your home. Very short lets are a great way to make a considerable sum over a short time.

If you are looking for a more reliable level of income, you may want to consider a longer let. Landlord insurance is a must here to protect you, your property and your tenants. The people that will be living in your property long term will need a steady source of income too. You need to check with their employer that their job is secure and that they can afford the rent you want to charge.

To get a good idea about the maximum rental you can charge, contact your local real estate agent. They will let you know what the average tenancy agreement generates and may even offer to manage the tenancy on your behalf. This means they will become the point of contact for your tenant and will handle the advertising and checks required to attract the right tenant. Some charge a one-off fee to you or take a percentage of your rental income.


Thanks to Flickr for providing this image

If you are becoming a landlord, you need to attract the best tenants possible. Make your home attractive by refreshing the decor. As it is for a let, you don’t need to put in expensive personal touches. Instead, decorate on a budget to maximize your return on investment. Keep it simple and neutral so it appears to the widest range of potential tenants. Before your tenants move in, give your property a good once over. Check the roof is in good condition, and that the heating and plumbing systems are running well.

Take photographs of the property, noting any little areas that may need replacing in the next twelve months. This will help you keep track of any damage or wear and tear you will need to charge the tenants for. Check your legal obligations and rights as a landlord with your lawyer. Check in with your tenants regularly to maintain a good relationship with them.

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