Due to a raft of legislation in the last few years not forgetting some adverse tax changes for landlords, you would be forgiven for wondering if becoming a landlord is a good idea at the moment?
Read on…
In my humble opinion, it’s a yes. So let’s focus on the positive. Being a landlord is better than having money in the bank and earning next to nothing at the moment, as let’s face it, we are in a period of an almost negative interest rate.
Becoming a landlord is not a route to get rich quickly, however, Investing in Buy to Let is a better investment than leaving money in your bank account or some other investment options, but, it is not a route to quick riches.
With the rental income and the property value appreciation, both combined, it is without a doubt an attractive option if you are considering the Buy to Let market.
There are many things to consider if you are thinking of becoming a landlord for the first time.
- It is vital to buy a property at a good price. The buy to let property is not for your personal use, so you should have a broader area to source a property below market value. Ideally, you want to buy near where you live, so it is easy to manage.
- Becoming a landlord does not give you a passive income. Generally, some people think being a landlord is a walk in the park, buy a property and it’s easy sailing from then on. This for residential property is not true, for commercial landlords life does seem to be that much easier, especially if the property is in a prime location.
- Being a landlord does require effort, and it does at times lead to stress due to issues like rent arrears, damage to property or the process of eviction.
- Your investment at some stage will require repairs and refurbishment, and you will have to manage the tenancy too. The work needed in managing your properties will be ongoing and can be time-consuming.
- You need to consider if you have the time to deal with all aspects of the letting market before you think of becoming a landlord, and if the answer is no, then this is when a letting agent becomes your best friend, as this will reduce the time you require in managing the properties.
Using a good letting agent like Victoria Letting, will reduce stress and save you time. Especially if the property is not near where you live.
A good letting agent should mean:
- Efficient rent collection
- Your legal requirements are taken care of
- The most suitable tenants will be found for your property
- A professional inventory will be carried out
- A regular property inspection will be carried out
- Repairs needed will be efficiently dealt with
- Save you time and stress of managing the let property
At Victoria Letting we continually strive to maintain a level of excellence that remains untouched by our competitors.
Victoria Letting values care, communication, and commitment and that is why every property is assigned to one of our knowledgeable property managers who coordinate each and every detail on your property. We do not practice “assembly line management”, but quite the opposite. Our dedicated team know how important it is to keep our owners informed about things that affect you and your property. Your property manager is the hub between you, your property, and your tenant.
Victoria Letting will professionally manage your property so that you are worry-free. Prospective tenants are always accompanied by a property manager when viewing properties and are never allowed to enter alone.
All tenant applicants are thoroughly screened. They complete credit checks, verify employment, and substantiate current and prior rental history references. Your property manager reviews the results and makes a determination based on their qualifications.
A thorough interior walk-through of your property is performed upon tenant move-in and move-out. An exterior site check and walk-through is scheduled every three months for new tenants, and 6 monthly thereafter. Periodic drive-bys occur throughout the year. These are not inspections, but cursory viewings of the property to insure that it is being maintained to Victoria Letting’s standards.
Victoria Letting collects rents from tenants; and provides monthly and yearly statements.
Fully licensed, insured, and reputable service companies are hired to perform necessary repairs and maintenance as approved by the owner. Tenants have 24 hour-a-day access to contact numbers if any emergency should arise.
Victoria Letting maintains strict standards for prospective properties. Our goal is to attract good tenants and to hold your future tenants responsible when they move out.
Your property manager will communicate updates on an ongoing basis, always doing their best to keep your costs as low as possible. Recognising that Victoria Letting represents the property owners, we hold tenants responsible for costs allowed by law. We will provide information specific to your property when you meet with our team.
So if you are seriously considering becoming a landlord for the first time, please give us a call on 0141 339 9292 or drop us an email inquiry, info@victorialetting.co.uk for more information.
