The market for buy-to-let landlords in the UK is quickly increasing; instead of a single person or corporation with tens or hundreds of properties, more and more individuals are becoming small-time landlords with one or two properties, providing an additional source of income to their main occupation.
Below are just a couple of the benefits of becoming a landlord, and why you should consider adding property to your financial portfolio.
Needless to say, the biggest incentive for becoming a landlord is financial; the property market is extensive and lucrative, so provided you can front the initial costs of buying a house and getting it ready for leasing, it shouldn’t be too long before you’re making a profit.
How quickly you can expect to see this return depends on multiple factors such as initial costs, rent, tenants (how quickly they can be found and/or replaced), and mortgage. However, once these are paid off there will be almost no additional large recurring expenses besides what can be expected from maintenance, wear, and tear.
In terms of a reliable investment, property is about as safe as you can get. Provided all necessary surveys are passed, and the condition maintained you could feasibly keep receiving returns on your investment for the rest of your lifetime; it’s no wonder that being a landlord is the foundation of so many retirement plans.
Talk to our team at Simpson and Weekley today to ensure your property is being let to its full potential.
As well as initial costs being upfront, the amount of time spent with and on the property also has its majority at the start of the project. Once everything has been set up and tenants have been found, for the most part it’s quite quiet. This can change depending on the tenants, as well as the number of properties you are responsible for, but most work will be on more of an ad hoc basis than requiring strict hours.
A lot of small-time landlords manage this alongside full-time jobs unrelated to property management, but for some people this just isn’t feasible. Whether this is because you’re not local to the area, don’t have the time or expertise, or just want to keep the property as a passive source of income, there are many property management services available to help with all aspects of renting a house.
Here at Simpson and Weekley, we offer a range of property management options to provide a service that works for you. Whether it’s full-time, part-time, or even just finding tenants, we are dedicated to helping you manage your workload in the best way for you.
For more information about becoming a landlord including initial expenses, tenants, property management, profit, and where to start, visit our landlords' page, call our Rushden office on 01933 418 917 or our Wellingborough office on 01933 224 953, or use our online enquiry form to start your journey with Simpson and Weekley today.