Are you thinking of selling up and moving into a new home? It could actually be a better financial decision to keep your existing property and rent it to reliable tenants, which could allow the property to pay for itself and then some. You could then choose to invest in a new mortgage at a new address.
Renting out your home has become a particularly popular option these days amongst older people who want a passive income to support them in their retirement. Older people who own multiple properties or big homes tend to move into a well-regarded senior living community and put up their houses for rent. If you’re looking to become a landlord in your old age, you need to be mindful of the times and how to best go about looking for a tenant.
Of course, there are certain legal obligations you will need to follow when becoming a landlord. For example, you will be required to ensure you maintain certain health and safety mistakes to avoid, and you will need to compare insurance quotes for a property.
Health & Safety Issues
Quotezone.co.uk has created a handy infographic to state the various insurance and health and safety requirements for first-time landlords to follow, which you should do before you choose to lease a property to one or more tenants. Regardless of whether you own a residential, commercial, or mixed property, you have a legal requirement to ensure the property is fit for rent. You must identify and resolve any obvious or inconspicuous health and safety issues at the address before handing over the keys. For example, you should book a boiler service before they move in, and you should ensure all smoke alarms are in working order. You also have to check for any rain damage that might have occurred or if any furniture has rust or other problems. If so, then you would need to seek professional help from services similar to Elite Restoration, as they are considered to be Southern Idaho’s experts in all things restoration. These restoration providers are key to making your flat fit for living, both in an aesthetic and legal sense. Giving the place a coat of paint in between tenants might also help your chances.
Pick the Right Insurance Coverage
Top of your list should be your landlord insurance coverage. Carefully consider the different insurance policies on the market using a reputable comparison website. You will, therefore, need to enter the right number of tenants, rooms, and property type to receive an accurate quotation.
Not only that, but you must ensure you pick the right coverage options, as you could choose buildings only, contents only or, buildings and contents insurance. You can alternatively contact Roger Butler Insurance or a similar agency to help you deal with the nitty-gritty of obtaining landlord insurance. Professionals with experience in the insurance field should be able to understand your requirements and point you to the right options accordingly. However, remember to read the fine print before you sign on the dotted line, as the last thing you will want is to experience a burglary only to find you are not covered for loss of contents. You will therefore also want to identify if the policy will cover theft, fire damage, or water damage, plus more.
Hire a Property Manager
While some landlords will choose to make property management their full-time job, others might not have the time or inclination to deal with the hassle of running a safe and comfortable home for tenants. If you fall into the latter, quotezone.co.uk recommends you hire a property manager to handle every aspect, ensuring you maintain the highest possible standards at every residential, commercial, or mixed property. You can, therefore, enjoy all the benefits of being a landlord with minimal hassle.
Becoming a landlord is an investment in your future, as it allows you to boost your bank balance – and you could potentially experience a great return on your investment when the time comes to sell. So, if it could help you to enjoy a more comfortable retirement or to achieve your financial goals.
If becoming a landlord sounds like an intelligent financial investment for you, you should read more helpful tips in the Quotezone.co.uk infographic (as above).