Have you often wondered whether to become a landlord? Do you have a property at the moment and you can’t decide to sell or let it?
People are often curious about the pros and cons of being a landlord. They’ll often want to do it, but, be put off by stories of nightmare tenants and contract disputes, etc.
Whilst this can happen, it’s rare and overshadows the enormous benefits of being a landlord.
In this article, we’ll give you 3 great reasons why you should become a landlord. We’ll put those doubts in your mind to rest and open up a whole new world to you.
Read on for more information.
1. It’s An Extra Source Of Income
It’s only right that we start off with the biggest reasons people let out their properties- money.
Renting out your property to tenants can bring you in an extra revenue stream. This can help you save for a pension, go on extra vacations, or even help you buy other properties to let.
The amount of income does vary depending on many factors. One is based on what you charge tenants, and this is usually determined by the area where the property is located in. Although if your property is new, spacious, and has great features such as a pool, you can charge more.
Another factor is whether you decide to manage it yourself or hire a letting agent. If you hire an agent, they’ll take a percentage of the income but, they handle issues for you.
You can still earn a decent income even if you do hire an agent.
2. Be Your Own Boss
If you’ve ever wanted to ditch that 9-5 job you hate, this could be the perfect opportunity.
Because of the extra income source, you may be able to work less or even quote your job entirely. This will then give you the freedom to do what you want and when you want it.
Remember, many landlords build up a property portfolio over time and so are able to work for themselves.
3. Long-Term Security
Don’t forget that property usually keeps its value and even increases over time.
The property of the house could go up after several years if the local economy becomes bigger. This is what happened to houses in and around San Francisco after big tech giants were founded there.
Plus, if your living situation changes, you can also move into the house. Just be sure not to unlawfully break any contracts with tenants first.
The Benefits Of Being a Landlord
We hope you have enjoyed reading our article and it has been informative.
As you can see, there are many benefits to being a landlord. It can help bring you that extra income you want whilst being your own boss. Becoming a landlord could be the best career move you’ve ever made.