Is Being A Landlord Worth It After All?
The lettings industry has come up against huge criticism and a plethora of legislative changes in recent years, add to this changes to Stamp Duty Land Tax on second homes and the imminent Tenant Fee Bill and it’s no wonder that more and more landlords are asking. Is it really worth it?
I admit, since I started working in this industry, the rules have changed a fair amount and as agents we are working harder than ever to keep tenants and landlords happy. However, it’s not all doom and gloom (and I still really love what I do).
Firstly, with the right property, being a landlord could be a breeze. If you look after your asset, instruct an agent who will stay on top of all of the compliance required by law to protect your tenants and your property then you’re on the road to success.
Secondly, spend your pennies wisely! You might want to redecorate and replace all carpets between every tenancy but with costs creeping into the thousands to cover those two jobs alone; will you get the return you need to break even? A decent professional carpet cleaning company should be able to get those carpets looking as good as new and your tenants should arrange for this to be completed at the end of the tenancy if it was completed prior to them moving in. Decorating should be considered every 3-5 years as a minimum unless the property has suffered damage or mold issues.
Lastly, if you have a good relationship with your agent (or at least a working one!) then you should be able to sit back and relax until they need your approval on something. Staying on top of legislation changes, wear and tear and day to day maintenance is our job. If we drop the ball, we aren’t working in your best interests and that’s when things start going wrong. So my advice would be to make an effort to ensure you feel confident that your agent is doing everything they say they will, that they keep you updated (even if only to say Hi) and if your gut tells you something isn’t adding up, then you’re probably right.
Mr Green, Head of Property Management