Let a Property + Make Money October 21, 2015Featured, My MoneyOff

Would you like to make some extra money by letting out a property? It’s true that doing this the right way can be a lucrative way to make some extra cash. However, if you want it to work, you need to take it seriously. It needs to be treated like a business in itself! Here are some tips to help you:

Do Everything Legitimately
You need to make sure you do everything legitimately if you want to make money with your house. It can be tempting to get a renter in quietly and take the money from them to pocket all to yourself, but you can get in trouble. There are laws and rules you need to stick to. The first thing you need to do is speak to your mortgage provider to get a buy to let mortgage. Then you can sort everything else out from there!

Be a Good Landlord
If you want to make enough money, you need to be a good landlord. The idea should be to encourage your tenants to live in your property as long as possible. They might not stay there forever, but you can keep them in a long time to avoid the hassle of having tenants in and out all the time. Being a good landlord means getting everything done in a timely manner, answering their questions, and being friendly. Send them a Christmas card, give them a moving in gift. Be a nice person and they’ll warm to you. Give them good feelings about moving into this property and they’ll be far more likely to stay!

Don’t Do Everything Yourself
Doing everything yourself is stressful and silly. Assuming you have another job to do, you won’t have time! Get an estate agents to help you. They’ll take the calls at 4 in the morning so you don’t have to. Contact Taylors to speak to them about this in more detail. You can get as much or as little help as you need.

Carefully Vet Tenants
You want to carefully vet your tenants. Don’t let just anybody in your property! Do background checks and make sure they are reliable people as well you can. You want to make sure you get your money on time and that they’ll take care of the place.

Pick a Property Depending on the Tenants You Want to Deal With
Would you like to deal with young couples, singles, or families? Pick a property depending on the tenants you want to deal with. If you’d rather not work with students, for instance, you’re not going to want to let a property in an area populated by lots of students.

You need to be committed to being a good landlord if you want this to work. Checking over the property isn’t a one time thing either. Even if no problems have been reported, you need to keep it in good condition and check it over regularly to make sure it’s safe to live in. You also have insurance and other things to think about!

Photo by canadianhomefind

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