Is Letting Property The Right Career Move for You?

Letting property can be an extremely lucrative venture if you go about it in the right way. Due to the unstable economy, a lot of people simply cannot afford to buy a house anymore and therefore are choosing to rent instead.

You can take advantage of this by investing in property to let out.

Below are some of the most important practical considerations when letting property

  • Keeping your property occupied – Keeping your property occupied is important for a couple of key reasons. Firstly and most obviously, when your property is occupied you’re receiving a regular return on your investment. Secondly is the fact that unoccupied property is at much greater risk from things such as theft and vandalism; not to mention squatters.
  • Finding the right tenants – Just as important as keeping your property occupied is finding the right tenants. Some of the biggest headaches that landlords have to deal with are due to difficult tenants so you should be as selective as possible. Background and employment checks are a must but you should also use your intuition to discern if a potential tenant is suitable or not.
  • Investing in the right type of property – If you want to succeed as a landlord then investing in the right type of property is crucial. Location is of course extremely important but so are the types of properties you buy. Apartment buildings are always a good choice since they enable you to get rent from multiple tenants from within the same property. If you’re uncertain which type of property to invest in then don’t be afraid to get outside advice.
  • Getting insurance – Getting the right insurance is another key part of letting property successfully. A simple building insurance policy will not cut it when you’re letting out property to the public. You need to protect yourself for other risks such as theft, vandalism, loss of rent and liability claims. If you own specialist property, such as listed or thatched roof property then you’ll need a policy from a specialist provider. You can find quotes online very easily from sites such as Thatched Insure.
  • Day-to-day running of your business – If you’re letting property then you need to think of it as a business and not just an easy way to bring in some extra cash. There are plenty of things you’ll need to deal with, such as the upkeep of your properties and staying on top of problems with tenants should they arise.