These days, many people are deciding to invest in real estate. For some, the money will be made by flipping the property they bought. Others prefer to establish a large portfolio and become a buy-to-let landlord. They rent out properties and get money via rent.
Becoming a landlord can be a lot of hard work, and this puts some people off. However, if you know some of the key things to think about, then it can be a lot easier. In this guide, I’ve got some main areas that landlords have to consider:
Property Management & Maintenance
As the landlord, it’s your responsibility to make your property livable. It has to meet regulatory standards and be fit for people to live in. If you provide awful living conditions, then you could be sued and end up losing a lot of your hard-earned cash. So, you have to maintain your properties and take care of all the legal business. I’m talking about paying taxes, asking for rent, etc. It’s a big task and I suggest you get some help with it. There are companies out there that offer complete management of your property. Continental property management is one of the many examples of this service. Companies will deal with all the rent chasing, tax paying, and general maintaining of your property. It leaves you free to focus on other things and work on building up your real estate portfolio.
Rent
Naturally, the hardest part of being a landlord is getting all your rent in. If you own multiple properties, then it can be hard to keep on top of everything. As mentioned above, there are companies such as real estate companies in Dubai if you’re living in Dubai that can help with this. However, you can do a few things to ensure that rent payments are the least of your worries. For starters, you should carry out credit checks on anyone that’s looking to rent one of your properties. Have a look at their financial history and see if they pay bills on time, etc. If you’re renting your properties to people with a bad credit report, then you’re asking for trouble. It’s likely they’re not in a financial position that allows them to pay things on time. Ensure that your tenants can guarantee regular rent payments, and your life will be a lot easier.
Furnishing Properties
One thing you have to consider is whether or not you will furnish your properties. Some people like to move into places that are already furnished. Remember, with rental properties, a lot of people aren’t there for the long term. Particularly if you’re renting out apartments. I suggest you fully furnish any apartments you own, as it will make them more popular. For any large houses, I’d recommend not furnishing it. People that move into houses are more likely to want to buy their own furniture to make the house feel like home. Bear this in mind if you want to become a landlord.
Take all of this information on board if you’re interested in becoming a landlord. It can be a lot of hard work, but there is loads of money to be made here.
One thing you have to consider is whether or not you will furnish your properties. Some people like to move into places that are already furnished. Remember, with rental properties, a lot of people aren’t there for the long term. Particularly if you’re renting out apartments. I suggest you fully furnish any apartments you own, as it will make them more popular. For any large houses, I’d recommend not furnishing it. People that move into houses are more likely to want to buy their own furniture to make the house feel like home. Bear this in mind if you want to become a landlord.
