Becoming a landlord has never been so popular. Since 2020, buy-to-let investors are seeing on average 5% yield per annum coupled with a surge of tenants looking for places to live, making the move into second-property ownership a lucrative opportunity. There are, however, a number of pitfalls and common landlord mistakes that can be made if full consideration is not made before buying a property.
Join us in this blog as we run through some of the most common landlord mistakes and help you avoid them if you’re considering becoming a landlord.
Failing to reference check your tenants
As someone new to the world of renting properties to tenants, ensuring you follow the process set out by others with years of experience is vital. By securing reference checks of your prospective tenants, you can comfortably assume that they are likely to cause no trouble and ultimately be able to pay their rent in a timely manner. Requesting documentation such as bank statements can be good indicators of a tenant's ability to pay on time.
Underestimating the running costs
Another one of the most common landlord mistakes is assuming that every month you have a tenant in your property will be a profitable one. It is not uncommon for unexpected costs to arise as a result of any maintenance the property may require. We would always recommend that you fully assess every possible situation before jumping into owning a second property, as paying 2 mortgages can become a heavy load to bear. If you can afford to buy the property, great. If not, we would suggest having some money set aside for inevitable repairs and maintenance.
Of course, if you would like full assurance that the property you’ve bought is fit to live in, get yourself a professional consultants certificate. We offer a cost-effective solution to an architect's certificate, allowing you to certify the safety of your property for less.
Buying a property that you love, not that a tenant needs
At the end of the day, you are buying a property in order to rent it out to prospective tenants. With this in mind, it is important to ensure that the property you’re buying is one that suits the needs of your ideal tenant.
Don’t fall for the most common landlord mistakes
If you’re not sure if your property is fit to lease, make sure you come to the experts. Here at Professional Certification Consultants, we help landlords obtain certification for their properties meaning they can rent out their space with peace of mind. Save yourself the hassle, get a quote today.
Not sure how our process works? Make sure to visit our website to find out more information on how your property can be certified. If you have any questions, please do not hesitate to get in touch with us.
Back to latest news
