If you are looking to become a landlord and venture into the business of buying to let, you are likely to need some basic information to begin with, and we at (Website name) understand that need. Our letting guide contains 8 sections which cover the basics of letting, and provide you all the information you will need to get started.
The two major ways through which you can profit by buying to let are rental yield and capital growth. While landlords might think that the rent from their properties will provide them an immediate source of income, it actually needs to be managed quite carefully if you want it to grow. In addition, capital growth is also a great way to accumulate profit from rental property overtime.
There is a lot more to being a landlord than sitting back in your chair and collecting the rent at the end of each month. Landlords have a number of legal responsibilities which they need to fulfill including the responsibility of keeping the property free of health hazards, ensuring the safety of the tenants, and taking care of repairs and maintenance issues.
Buying rental property is very different from purchasing a regular house or apartment – here, it is essential to think like a landlord, not a homeowner. By taking a number of factors into account, and buying wisely, you can ensure that your property will present an attractive picture to potential tenants. Once you’ve chosen the ideal rental property, you will also need to look into acquiring a buy-to-let mortgage.
In order to select the right rental property, you need to have the art of doing viewings down to a science – there is a specific set of equipment you need to put together, and a specific attitude you need to adopt, in order to do viewings effectively. Once you settle on the property you want, you will need to make an offer.
Once the purchase of the property is complete, the process of finding a tenant needs to be put into effect – a good tenant can make life incredibly easy for a landlord, whereas a bad tenant can turn it all upside down.
Managing your property after renting it out is far from easy, and even after you have found a good tenant, you need to keep a check on both the tenants and the condition of the property on a regular basis. This can either be done privately, or through a letting agent.
In addition to managing their legal responsibilities, landlords also need to understand the taxation of rental property. There are several specific rules that apply to landlords who earn via renting, along with several tax benefits and advantages that they can avail.