What To Think About When Becoming a Landlord *

-This post is in collaboration-

 Are you thinking about becoming a landlord? Odds are you are if you have ended up here! There are many factors to consider when making the decision to become a landlord, far too many to list in their entirety here. But, to lend a hand, I have teamed with a property management software to take you through some of the things well worth considering. 

Understand: This Is A Business 

Making the move to becoming a landlord is not a decision that should be taken lightly. Always keep at the front of your mind: you are about to become a business, and there's a lot involved with that decision. You will be investing in property, making money, taking into account expenses, and you will need to consider how you need to register yourself as a business or self-employed. It is by no means an easy way to make money, so do not go in with that thinking in mind! 

It Is Not a 9 to 5 Job

Being a landlord is effectively a full; time job., you never know when problems may arise with tenants or certain properties. You need to be switched on, organised and disciplined in how you balance your responsibilities with whatever else you have going on in your life;. It’s a balancing act, and you will need to learn to be flexible in a way that is not like any other line of work. 

Be Mindful Of All The Costs 

ONce you make that decision to become a landlord, be prepared to meet with a lot of fees and costs that you will need to be able to cover. There’s buy-to-let mortgage costs, refurbishment costs, letting agent costs, landlord insurance, and many other fees that you may not have known even existed. Make sure you research all of these areas of cost before committing, as it may be more than you are expecting.