How to become a successful Landlord in Kilsyth?
There are many reasons why you might be considering becoming a landlord in Kilsyth. Perhaps you’re moving away for work but don’t want to sell your home, or maybe you've inherited a property from a relative and want to generate a monthly income from it.
Whatever the motivation is for becoming a landlord, the following guide will help you answer the questions of how to get started.
1. Being a landlord is a business
Many people believe that if they had the money, they would just buy a few houses to rent out and live a stress-free life from the income.
Great in theory, but it’s very rarely this straightforward. Being a landlord and owning rental property in Kilsyth doesn’t just mean waiting for the rent to drop in each month. There are taxes to pay, laws to comply to, tenants to deal with and maintenance costs to consider.
Obviously being a landlord can be a great source of income, but please don’t fall into the trap of thinking it’s an easy way to make a fortune with very little effort. It can be just as demanding as running your own business.
2. Is your property suitable to rent out?
It’s not just a case of buying a property in Kilsyth, throwing it on a few sites online and waiting for the first tenant to come along.
Before you consider becoming a landlord, it is crucial to perform research into the rental market in Kilsyth. Many towns and cities are rental hotspots with potentially excellent returns, whilst others may be disappointing with far less demand for rental properties.
On that note, take a look to see how much other similar properties are being rented out for in Kilsyth as this will give you a good indication of your potential returns.
Another thing to consider when it comes to suitability is the condition of your property. If you’re planning to move away and rent your property out then you’ll need to make sure all those little odd jobs and minor issues that you’ve been putting off have been fixed before tenants move in. The last thing you’ll want when you’ve just moved out is to be taking phone calls about broken fences, noisy boilers or dripping taps.
3. Work out your monthly costs – including void periods
Whilst rental properties can be lucrative, they can also very quickly become a drain on your finances. It is important to take into account all of the costs that you will incur before deciding whether becoming a landlord in Kilsyth is right for you.
If the property is mortgaged, then this will be your single biggest expense each month and you’ll need to factor in potential void periods where the property is empty.
During these periods, you’ll have expenditure such as council tax and utility bills to consider, so it’s vital that you work out how much all of these expenses will add up to each month.
Finally, don't forget that you’ll need some ‘rainy day’ money put aside for those one off costs, such as a new boiler or windows.
4. Check if you can rent the property out
Depending on your mortgage agreement, it may be necessary to switch to a ‘buy to let’ mortgage to be able to rent out your property. Similarly if you bought your property under a shared ownership scheme, then it’s unlikely you’ll be able to rent that out without speaking to the housing association first.
Put simply, it’s best to check with your mortgage provider in advance, as you don’t want to run into trouble further down the line.
5. How will you market the property?
When marketing your property in Kilsyth, you'll need to consider whether to include clauses for pets, whether to allow smoking/vaping and whether to rent the property as furnished or unfurnished.
You’ll also need to decide whether to rent through a lettings agent or do it privately. Using a lettings agent will mean an additional expense each month, but this option has the advantage of taking a lot of the stress out of dealing with tenants directly and finding checked and reliable tenants yourself, so it will ultimately make your life a lot easier.
6. Check your legal responsibilities
Last but absolutely not least is you will need to be aware of the legal responsibilities that come with renting out a property in Kilsyth.
There are many regulations that need to be met, including making sure the property is fit for human habitation, having a gas and electrical safety check carried out regularly, having an Energy Performance Certificate (EPC) in place and having smoke and carbon monoxide alarms fitted and functioning to name but a few.
These are just a snippet of the guidance Yendor Homes can provide you with to ensure you're making the right decisions when it comes to being a landlord. We are happy to provide free guidance based upon our experience and industry accreditation, as you embark upon your landlord journey, even if you decide to manage your property or portfolio on your own.
If you want all of the headaches removed however, Yendor Homes are offering some incredibly low management fees and offers for new landlords. We'll deal with everything and you can just sit back and collect the income each month.
If you're already a landlord, we're also offering some exceptional deals for transferring your property or portfolio to us. We'll handle the whole process on your behalf with no fuss. No need to wait until your current tenant has moved on or for lots of daunting paperwork. We'll deal directly with your current letting agent and organise the transfer seamlessly.
For any advice or questions on being a landlord in Kilsyth, please contact us today for a free consultation.
Want to become a landlord in the Kilsyth area? Buy Sell Rent - Kilsyth - Yendor Homes are your local property experts in Kilsyth. Call us on 01236 316004 or email email@example.com to chat with us. We were (and still are) landlords for over 20 years and know all the tactics and requirements, whilst avoiding the pitfalls to make your property journey a success!