What Type of Landlord Are You? - Part 1
There are different types of landlord and it may be worth spending just a few minutes to ask yourself if you fit into any of the following categories (but be honest with yourself!).
- First time
- Experienced/Very good
I have met them all during the years that I have been in the estate agency business in Ealing, I think that all landlords should of course aspire to be a ‘Very good’ landlord.
First time landlords
The first-time landlord will usually fall into several different categories. There is the first-time landlord who may well be someone who wants to start an investment property portfolio and is purchasing their first property as part of or as an alternative to a pension fund. Or perhaps they want to leave an inheritance for their children or create an additional income stream.
Whilst the needs of these two types of landlord are slightly different both have several things in common:
First time landlords are likely to be inexperienced with the letting and management process. They may need some guidance at all levels, whether, through a professional giving them advice or by trial and error (not always the best way!).
In my view, the first step for anyone new to the landlord and tenant world is to do some research - questing from other landlords / or governing bodies and really be honest with yourself and think if becoming a landlord is right for you.
Do you have the time and the financial capabilities? Do you handle stress well?
It is important to realise that becoming a landlord has many responsibilities and it can on occasions require significant time and expenditure not only at the outset but in subsequent years.
I feel that it is important with the first rental property to consider getting professional help along the way instead of going it alone. Mistakes in letting your property can be costly. Getting advice from a good estate agent can prove invaluable and will help you in choosing the right type of property for your financial situation and goals. In addition, a good letting agent or property management company will help you find good tenants and carry out all the required checks on both the tenants and the property you are renting in order for you to comply with current legislation.
In future blogs, I will be looking at other types of landlord and offering some advice.