Thanks to the recently announced stamp duty holiday on the first £500,000 of property sales in England and Wales until March 2021, there has been a surge in interest for buy-to-let mortgages as more people recognise now as the best time to invest in the property market.
Whether you’re looking to buy one property or invest in a full portfolio, there are a number of benefits that come with being a landlord. If you’re thinking about becoming a landlord in 2020, take a look below to find out how you could benefit from buy-to-let this year.
A steady second income
Unless you plan to build up a large portfolio of rental properties, for most people becoming a landlord provides a second stream of income on top of their existing full-time or part-time job. When charging a fair amount for rent, you should have enough money coming in each month to cover mortgage payments while still bringing in a profit and providing savings for any future repairs or maintenance work.
With long-term and reliable tenants, this income should be fairly steady and dependable, and with rental accommodation always in high demand, you’ll likely never have large periods of time without tenants in your property.
Financial freedom
When you become a landlord, you are effectively becoming your own boss. You can choose how much you want to invest in your venture, how much to charge for rent, and how much to spend on any renovations or upgrades for your tenants. You are completely in control of your income and outgoings, so you can make it work to suit your individual financial situation.
Develop transferrable skills
Being a landlord comes with many responsibilities. Ensuring rent is paid, building good relationships with tenants and quickly responding to maintenance issues are just a few of the day to day tasks involved in owning a rental property, so you’ll soon become an expert in managing your time and expenses and building effective communication skills that are sure to benefit you in both your private and professional life.
A safe investment
While market conditions can vary depending on external factors such as the economy and the overall demand for housing, property is widely considered one of the best areas to invest in. Other than a few small fluctuations, house prices in the UK have been steadily increasing for the past 10 years with no signs of slowing down, so if you decide to sell up in the future there’s a good chance you’ll end up making a profit.
Simpson and Partners are here to help
As a leading lettings agent in Kettering and the surrounding area, at Simpson and Partners, we provide a range of services for landlords that can be tailored to meet your needs. From tenant-find only to full property management, our experienced lettings team can find the perfect residents for your property, carry out background checks, collect rent, perform property inspections and much more, so you can rest assured that your property is in good hands and your investment has been worthwhile.
To find out more about our lettings services and how we can help you as a landlord, get in touch with the Simpson and Partners team today on 01832 731222 or email info@simpsonandpartners.co.uk. Book your FREE rental valuation now and get started on your journey to becoming a landlord.