In our review of different careers, we take a look at how to become a landlord, what a landlord does and what skills and attributes you need to become a landlord.
What Does a Landlord Do?
A landlord is a person who rents out his or her own properties to other people. A landlord is not a traditional job, and can require a lot of financial investment, but it also provides the opportunity to make a lot of additional income.
They say you can never go wrong if you invest in property, and that's what you would do as a landlord. Whether you have inherited a property or two, buy properties for cash, or take out buy to let mortgages to buy property, that property will always provide a monthly income when it is let out.
As a landlord you can either let out your property yourself, which will mean you will need to organise contracts, put together inventories, secure the deposits and take the rent each month, and ensure the property is maintained properly. There is also the option to hire an estate agent to do all of that work for you, meaning that whilst they might take a cut of the rent, they also do all of the work so you can just sit back and relax.
Is Becoming a Landlord Right For Me?
The following skills and attributes are required to be a landlord:
- Business acumen
- Basic DIY skills are useful
- Negotiation skills
- Good organisational skills
How Much Can a Landlord Earn?
How much you can earn depends entirely upon how many properties you let out and what those properties are like. Of course in property rent, like house prices is all about Location, Location, Location. So, if you have property to rent in London or a property near a local train station, you can expect to earn more for these types of properties. Similarly, if you own property in towns and cities with a large student population you can earn more money by renting out each room to generated more money er property.
What Qualifications Do I Need To Become a Landlord?
There are no qualifications required to be a landlord, anyone who owns a property can become a landlord. Typically though anyone looking to rent out a property needs to apply for a Buy to let mortgage rather than a standard mortgage. Also, landlords need to understand the rights of tenants as well as their responsibilities of a landlord.