Although you may enter into this thinking that being a landlord is easy and it is easy money, you could be in for a shock. Nothing is ever easy, and every landlord has their own personal horror story of a tenant that would not pay the rent or left the property looking like a bomb site. These scenarios, however, are in the minority – if they weren’t, there would not be any landlords.
To protect yourself and your property as much as possible, it is advisable to get a letting agency involved so that they can vet the potential tenants and obtain the rent every month to pay you after they have deducted their management fees.
#1 Buying a new build property
You may very well think that the best option to enter into the world of the landlord is to buy a new building. There are a few different ways you can go about this, the most well-known is to buy one that is already built – possibly the show home, if you can, or buy one off-plan, which could work out cheaper. However, there are pros and cons to doing this. It can be a turnkey option (especially if you have purchased the show home) as there will be very little for you to do, although you may have a choice of different coloured carpets or tiles for the bathrooms and kitchen, for instance.
#2 Buying a renovation project
There is far more fun to be had in buying an old rundown property from either an estate agent or at a property auction. In fact, you could very well benefit from having some knowledge of the building industry or some firm ties with a local builder. They might be willing to do any work for you or at least give you some advice on the work that will need to be carried out before you put pen to paper and purchase the property.
If you are looking to invest, you will probably find that a renovation project will provide you with a much larger nest egg than a new build, simply because you are paying top money for the new build because it is, well, brand new.
Areas to get right
The best part of buying a renovation project is the availability to play interior designer. Of course, you are going to have to make the house attractive to potential tenants, so you may have to rein in your artistic flare a little with your colour schemes – both inside and out. However, choosing the perfect kitchen and bathroom furniture is a must.
Do not go overboard and make sure that you have a realistic budget before you go shopping, and try to stick with it. The kitchen you choose should be functional, smart, and preferably not likely to date fast, as you will not want to replace it until you need to. It should be easy to clean with low-maintenance worksurfaces. This goes for your bathrooms too. Choose a plain suite with neutral tiles. A shower is a must, so if you do not have room for a stand-alone shower, make sure to have one over the bath.
The necessities for your tenants
There are things that you will need to have done to the property that will benefit you in the long run, and that could mean that your property is more attractive to tenants than other properties.
These are areas such as double glazing, quality front and rear doors (for security reasons) and central heating, as well as offering well-maintained white goods in the kitchen area. Properties that have cookers, fridges, freezers and washing machines are likely to get moved up anyone’s rental list compared to those properties where these facilities are not offered.
Dressing your property
When it comes to dressing your property ready for the grand opening and first viewing, you need to make sure that it looks its best. Supply window dressings, either curtains or blinds, of a neutral colour and lampshades for the ceiling lights.
You are going to want to consider the flooring options carefully. Choosing hard-wearing carpets that can be easily cleaned would probably be favourite. Having the same carpet throughout will make your property look bigger and cleaner than having different carpets in every room. However, in saying this, you are going to have to choose carefully, so going to a carpet shop with a vast range available such as a Bristol carpet showroom would be a good idea.
You should be aware that painting all the walls the same neutral colour will also have its benefits. It will be easier to touch up any areas that need attention between rental periods, and it will provide a clean and calm backdrop for your tenants so that they will be able to visualise their furniture and possessions in front of it.
