BEING A DIY LANDLORD - DODDLE OR TROUBLESOME CHOICE IN 2021?
Tenant troubles are common for landlords. Decreasing the rent amount or evicting the tenant may not be the correct solution to every circumstance. Sometimes you will have to tackle a situation in a particular way.
DIY landlord - Worth it or not?
Landlords nowadays wonder if being a landlord is worth it or not. This is due to the push of legislation in the past years, not forgetting some unpleasant tax changes for landlords and rising concerns due to the pandemic of course.
Why are DIY landlords facing trouble?
1) Legal formalities may cause unnecessary unrest
There is a lot of paperwork that must be dealt with by landlords. Paperwork can be messy sometimes if you are not careful. It creates daily stress and some legal implications.
2) Maintenance of the property
Preservation of main components and facilities is a big problem. Original appliances cost hundreds of pounds; a new top or driveway can cost thousands of pounds.
If the rental fee is £1,500 per month and the roof is £5,000, you can find yourself down money fast. And, if tenants don't stay long, you may lose money in void periods.
3) Breach of regulations
While giving your house on lease, you would have set specific rules and policies for the occupant. There might be tenants who break the rules, such as not paying their bills on time and not following the 'no pet policy'. Such occasions are the reasons for landlord-tenant disputes.
4) Damage to the property
Some tenants don't take care of the property because they don't own it. Whether they destroy the property intentionally or unintentionally, it is your property that is being damaged and not taken care of.
5) Delay in the rent
Tenants may not pay the rent on time but will ultimately agree a payment plan either by a late payment or in portions.
This delay in payment may influence your expenses or further payments. Ensure the rent agreement mentions the time limit by which the occupant is supposed to pay his/her dues.
Conclusion
Is becoming a landlord worth the effort and investments?
Only you can decide. Just be sure to weigh up the pros and cons before going into your new venture by having realistic expectations and a fool-proof game plan.
By knowing what you are receiving yourself before you do it, you'll be better prepared for outcomes and the consequences.
Make your 'being - a - landlord' decision fruitful and a less messy affair by consulting us for advice and/or services whether it might be converting your property in line with HMO standards, property maintenance or property management.
Contact us to find out more details:
Office: +44 (0) 203 005 5269
Email: info@mestatesltd.co.uk
https://www.mestatesltd.co.uk/contact