Source- The Blue Diamond Gallery
As the demand for rental houses is always high, becoming a landlord and making your fortune with property is a smart investment. Even since the recession and in today’s unstable and uncertain market, when it comes to investing money property has the least amount of risk and is something that increases in value year on year, even if there are a few peaks and troughs in the property market. Here are some of the ways you can make money as a landlord.
Rent Out a Room In Your Home
If you have a spare room in your home, why not become a live in landlord? Admittedly this isn’t for everyone, but if you want to make some extra income or have help paying your mortgage and bills then it’s one option. If you get the right tenant in it will be no bother, someone who’s quiet and works full time you probably would hardly even see. If you had two or more spare rooms in your home, you could have your mortgage and bills paid with some extra spending money too, plus your own accommodation covered for free. This is because mortgage payments are usually cheaper than the going rent for properties.
Rent Out Your Property and Live Somewhere Else
If you don’t fancy becoming a live in landlord there are other options too. If you’re able to live in a different property significantly cheaper than the one you’re letting out (perhaps a smaller, cheaper home or living with family), this could be a good option. Buying a property and renting it out instead of living it it yourself means you’re getting your full mortgage paid and maybe even little extra cash too every month depending how highly in demand the rented houses in the area are.
Buy a Property To Rent
The good thing about buying a rental property is you don’t have to agonise over details since you won’t be living there yourself. Providing it’s in a good, clean condition it doesn’t matter than the kitchen or bathroom isn’t to your standard or the garden isn’t as big as you like. There’s a shortage of houses to rent in most places across the country and so finding a tenant isn’t likely to be an issue. You could even consider buying property abroad as you usually get more for your money- decide if you want to rent to tourists or residents, you could even use it as a holiday home yourself. Companies like Meriton have luxury properties available, or you could scour bargains- large villas in Spain for example are often cheap yet beautiful. Either way, for someone in the right situation this could be an excellent way to go.
As a landlord you do have issues such as insurances, safety and maintenance to bear in mind- but if you get an agency to run the place for you it can make things significantly easier. There’s a lot of money to be made as a landlord, is it something you’d ever be interested in?
