Making mistakes is a part of life: many can be laughed off, but others are more serious. And for landlords, there can be legal and financial consequences for getting things wrong.
When we’re asked to take over a rental home by someone who’s been managing it themselves, they’re often feeling a bit overloaded or disillusioned with being a landlord.
While everyone has their own story and perspective, there’s definitely a pattern to how being a landlord can become more complex, and it’s usually when these are missing:
So, rather than learning the hard way, use our blog to avoid the biggest landlord mistakes and create an enjoyable and profitable experience instead.
It surprises many landlords how lettings can change from street to street, from the target tenant and rental values to proximity to a station or popular school, so detailed research is essential.
Even though they might not be conscious of it, most landlords do have a long-term goal. More often than not, it falls into one of the following categories - do any resemble your plans?
It’s simple enough to buy a property and rent it out, but thinking beyond that from the very beginning will help you achieve your hopes for the future far more effectively.
It’s sensible to keep the costs of owning a rental home under control, but we meet plenty of landlords who drown themselves in tasks instead of enjoying the life they dreamt of.
There’s a fair degree of work, time and headspace in managing a rental home, and it’s quite a lot for one person alone. Here’s a quick reminder.
No landlord has ever told us that doing all of these on their own has brought them joy, so give away the things you don’t love and free yourself up to work on your business, rather than in it.
As well as providing a comfortable and safe home for your tenants, being a responsible landlord means running your buy-to-let as a profitable and bona-fide business.
This means conscientious financial management on both a legal and personal level, including:
Staying on top of this will give your business the feeling of a well-oiled machine: good for your bank balance, and even better for your sleeping patterns!
Imagine if we told you that we work in the hope that nothing will ever go wrong and therefore have no contingency plan - would you ask us to manage your property? Probably not!
Processes, paperwork and protection are hardly a sexy trio, but they’re essential for any business to avoid the constant threat of crisis - so feel the pain and do it anyway!
The fact is that the unexpected does happen, and never when it’s convenient. Having nothing in place to protect yourself will always be a lingering thought, so go for peace of mind instead.
If you own a property to rent in the Wilton & Salisbury area, call us on 01722 580059 or message us at email@example.com for a chat with one of our team.
We’re not only here to help you avoid landlord mistakes, but also to make the best decisions to enjoy a peaceful life and passive income for as long as you own your rental homes.
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