{"id":6651,"date":"2016-03-31T08:22:00","date_gmt":"2016-03-31T08:22:00","guid":{"rendered":"https:\/\/www.thehouseshop.com\/property-blog\/?p=6651"},"modified":"2018-02-16T10:59:40","modified_gmt":"2018-02-16T10:59:40","slug":"beginners-guide-to-becoming-a-successful-landlord","status":"publish","type":"post","link":"https:\/\/www.thehouseshop.com\/property-blog\/beginners-guide-to-becoming-a-successful-landlord\/","title":{"rendered":"Beginner&#8217;s Guide to Becoming a Successful Landlord"},"content":{"rendered":"\n<!-- SEO Ultimate Plus (https:\/\/seoultimateplus.com) - Code Inserter module -->\n<script async>(function(s,u,m,o,j,v){j=u.createElement(m);v=u.getElementsByTagName(m)[0];j.async=1;j.src=o;j.dataset.sumoSiteId='b68b392479b5981b8acf46565e9fe32a0734fc21a1f7c1e60121eaa6ca1a1c64';v.parentNode.insertBefore(j,v)})(window,document,'script','\/\/load.sumo.com\/');<\/script>\n<!-- \/SEO Ultimate Plus -->\n\n<p>With the average cost of <a class=\"wl-entity-page-link\" title=\"rental\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/renting\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/renting;http:\/\/rdf.freebase.com\/ns\/m.01y857;http:\/\/dbpedia.org\/resource\/Renting\" >renting<\/a> a <a class=\"wl-entity-page-link\"  href=\"https:\/\/www.thehouseshop.com\/property-blog\/property\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/property;http:\/\/rdf.freebase.com\/ns\/m.05wrt;http:\/\/dbpedia.org\/resource\/Property\" >property<\/a> at an all-time high in certain parts of the country, becoming a <a class=\"wl-entity-page-link\"  href=\"https:\/\/www.thehouseshop.com\/property-blog\/landlord\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/landlord;http:\/\/rdf.freebase.com\/ns\/m.02mx_6;http:\/\/dbpedia.org\/resource\/Landlord\" >landlord<\/a> can seem like an awfully attractive proposition. Remember, if it was that easy, though, everyone would be doing it. You\u2019ll need significant capital to get started and, even then, you still won\u2019t be guaranteed success. Here\u2019s what you need to know to get started.<\/p>\n<h2>Ensuring Your Property Is Appealing<\/h2>\n<p>The first thing you need to think about is the type of property you\u2019re going to purchase. If you haven&#8217;t decided on a location yet, take a look at the Rental Index on <a href=\"http:\/\/homelet.co.uk\/\">http:\/\/homelet.co.uk\/<\/a> to see which spots have the greatest potential. Remember, certain kinds of <a class=\"wl-entity-page-link\" title=\"Home\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/home\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/home;http:\/\/rdf.freebase.com\/ns\/m.01l0mw;http:\/\/dbpedia.org\/resource\/Home\" >homes<\/a> will appeal to different demographics. If you live close to a university, you may want to consider investing in property that will be suitable for student accommodation. The upside to this will be that it will be much cheaper to purchase than a larger family home and you shouldn&#8217;t have any problems finding tenants during the academic calendar year. During the summer, though, you\u2019ll see a steep drop-off in potential clients.<\/p>\n<h2>Finding the Right Tenants<\/h2>\n<p>Once you\u2019ve targeted your ideal demographic, you\u2019ll need to consider how to find the best suitable tenants. If catering to a younger crowd sounds too risky, you could look for a home suitable for a family or a flat for a young professional instead. However, both of these demographics can also be problematic, too, so it\u2019s in your own interest to dig into their backgrounds where you can. If possible, ask them for a way to contact their previous landlord so you can check if they have a history of regularly paying their rent on time. Likewise, you should also look to contact their employer to see if they have a reliable source of income.<\/p>\n<h2>Choosing the Right Insurance<\/h2>\n<p>Finally, if you are new to property development, you may also be wondering whether or not you\u2019ll need to take out any additional insurance policies. Even if you\u2019re only <a class=\"wl-entity-page-link\"  href=\"https:\/\/www.thehouseshop.com\/property-blog\/planning\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/planning;http:\/\/rdf.freebase.com\/ns\/m.0217bt;http:\/\/dbpedia.org\/resource\/Planning\" >planning<\/a> on renting out a property temporarily, though, you\u2019ll still be expected to take out specialist landlord\u2019s insurance. Your standard insurance provider will not cover <a class=\"wl-entity-page-link\" title=\"Building\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/building\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/building;http:\/\/rdf.freebase.com\/ns\/m.0cgh4;http:\/\/dbpedia.org\/resource\/Building\" >buildings<\/a> or content insurance while the property is being let out, nor will they be able to offer any compensation if a tenant is injured on the <a class=\"wl-entity-page-link\"  href=\"https:\/\/www.thehouseshop.com\/property-blog\/premises\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/premises;http:\/\/rdf.freebase.com\/ns\/m.0359d9;http:\/\/dbpedia.org\/resource\/Premises\" >premises<\/a> or refuses to pay rent. Similarly, if you\u2019re planning on employing anyone to work at the property, such as a cleaner, you\u2019ll also need employer\u2019s liability cover.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With the average cost of renting a property at an all-time high in certain parts of the country, becoming a landlord can seem like an awfully attractive proposition. Remember, if it was that easy, though, everyone would be doing it.<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/beginners-guide-to-becoming-a-successful-landlord\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":41,"featured_media":6652,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wl_entities_gutenberg":"","_lmt_disableupdate":"","_lmt_disable":"","spay_email":""},"categories":[10],"tags":[53,111,368,47],"wl_entity_type":[602],"modified_by":null,"_wl_alt_label":[],"jetpack_featured_media_url":"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2016\/03\/landlord-house-image.jpg","wl:entity_url":"http:\/\/data.wordlift.io\/wl0502\/post\/beginners_guide_to_becoming_a_successful_landlord","_links":{"self":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/6651"}],"collection":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/comments?post=6651"}],"version-history":[{"count":2,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/6651\/revisions"}],"predecessor-version":[{"id":14731,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/6651\/revisions\/14731"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media\/6652"}],"wp:attachment":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media?parent=6651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/categories?post=6651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/tags?post=6651"},{"taxonomy":"wl_entity_type","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/wl_entity_type?post=6651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}