Being A Buy To Let Landlord
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Except life as a buy to let landlord is rarely like this for the majority of property investors.
In the real world it takes a lot of work to make good money out of buy to let properties. It may sound like a great idea and an easy way to make some money, but I’d like to give you a reality check…
Have you considered the additional costs associated with buying the property in the first place?
I’m talking about stamp duty, solicitor's fees, mortgage costs etc etc. You can read my Buy To Let page for a full list of these initial house-buying costs.
Secondly, have you considered all of the regular monthly outgoing costs associated with being a buy to let landlord?
Here I’m talking about your insurance, your mortgage payments, repair and maintenance costs etc etc. Again, you can read the full list of likely costs on my Buy To Let page.
Then there’s all the taxes you’ll have to pay– find out about these on my Property Tax page.
If you’re a handy kind of person maybe you can do the majority of repairs and maintenance yourself so this may save you some money; but weren’t we talking about sitting back and minimal effort earlier – you’re going to want to hire a property management company.
Read my Management page to find the Truth About Property Management. Here I tell you the options for buy to let landlords. But remember, property management companies don’t come cheap; if you hire one you can expect to pay in the region of 15% of your monthly rental per month.
Finally, if none of this was news to you, please take a look at my How Does Buy To Let Work page as this gives you the info on calculating whether a property is a good buy to let investment, and my Mortgages page for the low-done on the best buy to let mortgages.
Return from Buy to Let Landlord to Property Management
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