5 Tips Before Becoming a London Landlord

23rd July 2022
Home > News > 5 Tips Before Becoming a London Landlord

What is a landlord?

A landlord is a person who owns property, and rents it out to others. A landlord can be an individual or a business entity. Landlords are responsible for ensuring that their properties are safe and well maintained, as well as making sure that they meet all legal requirements (such as paying taxes).


Why people want to be a landlord in London?

In London UK, many people want to be landlords because they can make good money by renting out their properties. The reasons people want to be landlords in London UK vary from person to person. Some people may want to invest their savings into a rental property, while others may be looking for a new way to make money. Regardless of why you're considering becoming a landlord in London UK, it's important to understand what it takes so that you can make an informed decision about whether or not this career path is right for you. In addition, it's also an opportunity for them to build up their savings by investing in real estate.

The main benefit of being a landlord is that you can make money from your investment without having any involvement in the day-to-day running of your rental property. The downside is that you'll need a good amount of capital upfront in order to buy the property in the first place and make sure it's maintained properly between tenants so that you can keep attracting new ones at reasonable rates on an ongoing basis; otherwise, your profits will dwindle as more time passes between each tenant leaving/entering their lease agreement with you (and thus not paying rent).

 

Before you become a landlord in London, here are 5 tips to keep in mind:

  1. Find the right property

When choosing a property to rent out in London, it's important to consider the location as well as the condition of the property. You'll want to make sure that your tenants can afford the monthly rent and that they will be able to live comfortably in the property.

  1. Consider Your Financial Situation

First, make sure that your financial situation is stable enough to be able to afford the costs associated with being a landlord. This means looking at all of your income and expenses and ensuring that there is enough left over after paying bills and other necessary expenses to cover any unexpected repairs or maintenance issues that may come up while you're renting out your property.

  1. Take out Insurance

You should also take out insurance on both yourself and your tenants before renting out your property. This can help protect both parties against potential damage caused by acts of nature or accidents involving third parties (such as pets).

  1. Understand Your Responsibilities as a Landlord

Becoming a landlord is more than just collecting rent payments from tenants—it's also making sure that your property remains in good condition and providing basic services like heat and hot water to your tenants. If this sounds daunting, don't worry! There are plenty of resources available at your local library or online that will help you understand what it means to be a landlord in London.

  1. Find a good letting agent

Consider getting professional help from a letting agent who will take care of things like advertising for new tenants/collecting rent etc so that you don’t need to worry about those things yourself (but remember they will charge fees for these services so make sure they aren’t too high compared with other options available).


BLUESTONE PROPERTIES
We are a team of estate agents, letting agents and property managers in south London. We offer a range of services including residential sales, lettings and management.


Share this article

Related News

13/07/2020
SCREENING TENANTS AND CREDIT SCORES

There are many factors involved in a landlord achieving success in their industry, but the standard of tenant is crucial. With a trustworthy and dependable tenant who pays on time and who treats the property with respect, the role of the landlord becomes much more manageable. However, if your tenant doesn’t pay on time or treats the property poorl...

Read More
05/01/2021
WHY DO YOU NEED A PROPERTY MANAGER?

Being a landlord can be overwhelming, especially if you are handling various rentals properties or if you are doing other businesses. Between maintenance of the property, collection of rent, filing of vacancies, and responding to tenants’ requests, there comes a time when you might need some help. And this is where a professional property manager comes...

Read More
18/05/2021
HOW TO MAKE YOUR BUY-TO-LET PROPERTY MORE ENERGY EFFICIENT?

Many features of a buy-to-let property will make potential tenants enamored with it, from its location to its features. Making sure that your property is suited to your target market can improve your rental yields, creates less vacancy, and improve the tenant’s satisfaction. Making your buy-to-let property home energy efficient can increase the re...

Read More
07/07/2022
Why do house sales fall through?

The process of selling a home can be time-consuming, challenging and frustrating. Despite going through all the steps and paperwork, you may fall at the final hurdle. But what causes sales to fall through and what can you do to prevent this from happening? Let’s take a look at the facts. How often do house sales fall through? It's a common misconcept...

Read More