We won’t lie. Letting out your property and becoming a landlord can be long, complicated and time consuming. There are lots of obligations and responsibilities to consider and it’s not as easy as just receiving rent every month.
However, it can be a fantastic financial move. There are lots of benefits to letting out your property. If done properly, there is no reason why you can’t become a brilliant landlord. We think it’s definitely something to consider.
If you’re not completely sold on the idea of renting out your property, we’ve decided to make things a little easier for you. Here are some of the main reasons for why thousands of homeowners choose to let their property every single year.
Income
The money made from renting out property is definitely the number one benefit of being a landlord AND the thing that draws most people to the idea in the first place. The monthly rent installments that you will receive when you have tenants in your property are definitely something that makes the idea very attractive. Providing your tenants pay their rent on time, each month you’ll receive enough money to pay your mortgage and have some left over to spend as you wish.
If you are in a very good position and own the house outright without a mortgage, the monthly rent will come straight to you as a brilliant monthly income. This instantly becomes profit!
Investment
Purchasing a house to rent out can be a brilliant investment. Depending on the location and the property itself, you could see it rising in value over the years. This means you’ll definitely see a return on your investment in the future! The longer you have the property, the more you’ll benefit when it does begin to increase in value. It also provides you with security for the future – you can choose to move in there yourself if you need to.
Flexibility
Becoming a landlord is similar to being your own boss. You’re in charge of managing your own business – you make all the decisions regarding the property, whether its details of the contract to the amount of rent charged. It also means that you’re in the driving seat when it comes to selling your property. If the value increases on the market, you can make the decision to sell.
If you would like to speak to an expert lettings advisor here at Belvoir Sutton Coldfield, you can easily contact us on 0121 321 3388. As a leading letting agent, we will be more than happy to provide you with any advice that you need.
