Becoming a Landlord in Corby

Becoming a Landlord

Being a landlord is not just about owning property. A landlord is a businessman, his let is a business venture and his objective is to run an efficient and profitable service. The main prerequisite to becoming a landlord, therefore, is a sound assessment of:

  1. investment potential
  2. risk
  3. personal skills and capabilities.

Deciding to become a Landlord

As a first step, ask yourself the following questions:

  • Do I have some spare time?
  • Am I ready to seek out facts and information?
  • Am I prepared to accept responsibility on issues of safety?
  • Am I willing to consult others for advice?
  • Am I prepared to accept an element of risk involved in making a business deal?

If you can answer ‘yes’ to all these questions, you have taken a step towards becoming a landlord.

Identifying your personal skills

Being a landlord does not mean you have to undertake the day-to-day letting workload yourself. You can employ someone else to do it for you, my lettings agency in Corby would be pleased to help; but if you choose to do some or most of the letting duties yourself, you will need to be able to:

  • communicate with others
  • organise effectively
  • behave assertively
  • respond to new situations
  • stick to rules and guidelines.

Beginning the learning process

As a preliminary to letting, you must:

  •  Understand an assessment of the profitability of your planned let.
  • Be aware of your legal obligations as a landlord, especially with regard to safety issues.
  • Be aware of the two types of taxation you will encounter in letting.
  • Know when and where to get advice and how to choose an adviser.

Making a start

You have already made a start by reading this far! By continuing you will:

  1. Become aware of factors which affect profitability.
  2. Begin to think about your own situation and start to make plans.
  3. Make an initial assessment

I will cover these aspects in future articles.