Landlord Advice

Landlord Advice: Starting Out and Growing a Property Portfolio

Preparation and the right advice are the keys to becoming a successful landlord in the UK today.

Many people wonder at some stage in their lives if it’s worth investing in property other than their own homes, researching how to be a landlord and growing their property portfolios. The answers are not all that difficult, if you know where to look.

Here at Horton and Garton in London, we have lots of experience helping people not only to get on the property ladder, but to also be a landlord in their own right. It’s not as daunting a task as it may seem from the outset. We believe that as long as you have the right advice and are properly prepared, you stand a great chance of success.
Of course, it’s not just about having the money or financing to purchase new properties. There are many different strands involved. Becoming a landlord can be a steep learning curve and no first-time landlord wants to fall at the first few hurdles. There’s everything from finding the right tenants, to ever-changing legislation and taxation to consider.

Becoming a Landlord

If you’re a first-time landlord, finding your first property can be as easy as driving around town and seeing what’s available. Some people are intent on becoming a landlord will keep a keen eye out for properties. They won’t be shy about approaching an elderly person who may live alone in a run-down house and possibly preparing to move. An unexpected sale offer might be all they need to get going to a smaller place or even a care home — and the new landlord might have gotten a bargain.

But whether the house or flat is new or in need of renovation, once the time comes to start making money on your investment and getting paying tenants in, it can get problematic. How do you find them? What sort of agreement should you draw up? What’s the optimum rent to set? Too low and you’ll be losing out; too high and you’ll drive people away.
All these headaches and more are why many first-time landlords opt for the services of a property rental management company. Such firms, like ours, are able to locate and properly vet the kind of tenants you need to ensure your property is taken care of and that rents are paid in full and on time. A good property rental management company will know how much to charge, whilst a great one will be able to advise on ways you can improve a property so you can justifiably charge more.

It Need Not Be Taxing

If you’re thinking about how to be a landlord and see all the stories in the media about new laws and taxes aimed at landlords, it can be enough to put you off. Some are evening getting out of the business because of these harsh new changes. It doesn’t have to be that way. With the right property rental management firm, you will never fall foul of the law and you’ll be in compliance with prevailing legislation at all times.

That’s also the case for local regulations that councils all over the country have imposed on landlords. This is to ensure that properties are kept up to a certain standard so that tenants are protected and living in homes that are suitable and safe. It’s good for tenants and landlords, too. Plus, a property rental management firm will look after all maintenance issues that arise with rental properties.

Once you’re up and running as a newly minted landlord with the help of a professional property rental management company, you’ll wonder what you ever did without them as your portfolio grows.

Are you considering becoming a landlord? Horton and Garton can help you break into the property market. Contact us today and discover how you can profit from our first-class property rental management services.