I was approached by a representative of “Just Landlords”, a property management company, with a request to make occasional guest contributions to this blog. They offer good content, which I believe some readers may enjoy as a compliment to my own. So without further ado…
Investing in the property market? Fancy yourself as a landlord? Well now may prove to be one of the best times to build a portfolio of properties with the sole intention of renting them out to prospective tenants.
The price of real estate is in decline at the moment and with increasing numbers of people struggling to get onto the property market in this current economic downturn, it could prove to be a great time to rent property out, as more and more people turn to rented accommodation as a short term fix until they can save enough money to then invest in some real estate of their own, provided they can secure a mortgage of course!
Landlords across the country will be rubbing their hands together with the amount of prospective tenants increasing. The most popular areas to live, such as the big city centres for working people, are likely to see increased rates for rent as a means by which landlords will take advantage of the increase in demand. However, by no stretch of the imagination is it an easy and care free life for landlords.
Landlords are commonly faced with issues such as tenants being unable to pay rent, or, just outright refusing to pay! This can be a tedious tribulation for landlords as they will then have to chase rent payments. Other difficulties landlords can be faced with are property damages and even theft. These are circumstances that are simply unpredictable. However, there is something that can be done in order to guard against such unfortunate situations. With Landlord Insurance you will be covered against such difficulties and you will be able to rest assured that the property is protected.
It will also be a good idea to maintain a great working relationship with your tenants. A happy household is always easier, and of course more pleasant, to deal with. It will probably be a good idea to run a credit check before you agree to any prospective tenants. This will be the best way to avoid any headaches of having to chase rent in the hypothetical event of them being unable to pay up.
Being a landlord is certainly not stress free, however it can be a great pleasure, and once the rewards begin to amount in the form of dollar bills then the real enjoyment will come! Investing in real estate in order to then rent it out is certainly something that has become more and more popular, and this is unlikely to change in the future.