Posted: Tuesday, February 27, 2024

Becoming a landlord in 2024

Stepping into the shoes of a landlord is an exciting prospect, but it’s also a big responsibility which shouldn’t be taken lightly. If you’re a potential property investor, here are the key things you’ll need to know before embarking on your journey to financial security. 

Understand the market 

Property investment is no get-rich-quick scheme, so you’ll need to take some time to research beforehand. The property market is dynamic and shaped by fluctuating factors like economic conditions, housing demand and evolving legislation. So not only will you need to be informed from the get-go, but you will also need to keep your finger on the pulse at all times to manage your property effectively.  

Legalities and obligations 

Becoming a landlord means taking on a host of legal responsibilities, and there are serious consequences for non-adherence. From tenancy agreements to safety regulations, legal compliance is essential in every facet of letting out a home. Make sure to familiarise yourself with the latest legislation, ensuring that your property complies with all legal requirements. As the landscape continues to evolve and legislation tightens, it makes sense to invest in effective property management and have an expert letting agent on your side to guide you through the legalities.  

Get to know the basics 

Being a landlord goes beyond just collecting rent. Successful property management requires tenant screening, regular maintenance, and clear communication with the people living in your property. It’s important to have a robust system in place for property upkeep, as this will ensure that your investment remains suitable for your current tenants, and desirable for any future tenants.  

Financial planning 

As with any investment, establishing a budget is paramount. Make sure to speak with your agent and calculate your potential return on investment (ROI). Buy-to-let properties are an investment which requires money input, so you’ll need to factor in mortgage payments, property taxes and maintenance costs before you can figure out your ROI. It’s also important to remember that a secondary stream of income will not be your only return. Your property is an asset that will grow in value over the years, so try to plan for the future when deciding on a budget. 

Take out landlord insurance 

It’s no secret that there are risks involved with being a landlord. Things like unexpected loss of income or damage to your property could put you in a difficult financial position. By taking out appropriate insurance coverage, you can protect yourself and your investment even if the worst does happen. Landlord insurance is a specialised package which can include emergence assistance cover and legal expenses protection.  

Hire a letting agent 

The intricacies of property management can be difficult to navigate alone. A letting agent can be your guiding light, ensuring that your property remains legally compliant and that your tenants are trustworthy and reliable. Property professionals specialise in the marketing of your property, tenant sourcing, screening, and the day-to-day logistics of property management. This expertise on your side can be invaluable, especially if you’re a first-time landlord seeking a smoother entry into the market.  

Contact us 

Thinking of becoming a landlord? Contact your local Guild Member for expert advice and guidance

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Homesearch are PROFESSIONALS. I sold my property through Homesearch and I have not dealt with a more competent agency. Every single person  dealt with knew exactly what they were talking about and I can tell that they all have knowledge in the industry and were not just picked up from the street. From the get go I was impressed and I will certainly do business with them again.

Paul Hobbs, Seller

Many thanks Homesearch for locating professional corporate tenants for my property. I am very happy with your property management service as you always ensure that the tenants give the property back in good order at check out. Five Stars!

Maria Foran, Landlord

I have been absolutely delighted with the exceptional service I have received from Homesearch. They have removed all the stress & hassle of renting my property and dealt with all manner of situations I would have struggled with in such a professional & courteous manner. They give valuable unbiased advice with such a wealth of experience. Nothing is ever too much trouble for the staff, who are always friendly & helpful. Homesearch let and managed my property and I am very happy with their property management services, they are very knowledgeable.

Paula Carter, Landlord

Homesearch always do what they say they will do. They are efficient and raise any issues early and provide options to resolve them. Homesearch is very  easy to get hold of and talk to, no matter where I am in the world! My property is well looked after, regarding tradesmen, replacement of items swiftly etc. with the minimum of fuss.

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From our first viewing right through to the present, Home Search were brilliant. They helped make the whole process quick and stress free and even now we are in and settled, they are still happy to assist us with any queries we may have. We couldn't recommend them highly enough.

Julie Maney

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I had a very difficult situation as I did not have a guarantor and my dad was earning enough but was not a homeowner. It took a about 3 weeks but Michael sorted it all out in the end and my dad became my guarantor. I got a lovely home and all the staff were very helpful including Paris, Zainab and Tim. Thank you all very much! Would recommend them to anyone

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