Becoming a Landlord

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It has always been an ambition of mine to buy a property and let it out. Having lived in rented accommodation, I feel over the years that I have gained a good idea of what works and what doesn’t when presenting a house to let. There is so much to consider when purchasing a house or flat to let.

Things like parking and access to the property. Having Alyssa opened my eyes to this quite early on, after realising the amount of luggage a small person needs on the shortest of outings. A property with parking and good access is something that will make it a little more desirable and of course the monthly fee you charge can be a little higher.

Location is another big factor to consider. If you purchase a family size home to let, then it good to think about accessibility to good schools and shops etc. All the things a family will be mindful of when searching for a new home to rent. Once you have found the right place and made your purchase then the work begins to make it rent ready as well as ensuring that everything is done your end; compare landlord insurance offers to get a good deal!

Firstly, I feel it’s really important to consider décor. Keeping the walls to a neutral colour, e.g. cream will not only lighten the property but gives it a good base for potential tenants to put their own personal stamp on it with coloured accessories. Likewise, with flooring, again a neutral colour carpet throughout the property or even consider laminate flooring as this is very hard wearing, so may be worth the investment. Make sure bathrooms and kitchens are up together.

Kitchen units don’t have to be expensive, but providing they are in good order can again make the room and the property feel inviting. If there is an outside space or garden, I personally feel it’s important to make them low maintenance. That doesn’t mean you have to dig up the lawn, it just means avoid planting shrubs and plants that will need regular pruning and care. Most people will be looking for a pleasant private low maintenance outside space where if they want to, they can plant pots etc. Gardens one level would be more attractive to people with young families and the older generation. Providing a small garden shed or outbuilding is often a good idea for bike storage etc, as you don’t want people taking bikes into the property.

Once you are ready to let go then of course there are other things to consider. Do you use a letting agent? Shop around is my advice if you are going through an agent. Make sure you have followed all guidelines for landlords like making sure boilers are checked and maintained as well as electrical components. Smoke alarms need to be in place.

Then of course insurances also will need to be in place and once you have ticked all of these boxes you are good to go! I’m quite determined that I will one day fulfil my ambition to become a landlord and hope that I will be able to make enough money to help Alyssa get onto the housing ladder when she is older. Who knows, one day I may just have a whole portfolio of properties to let. Never say never!