The UK has officially entered its first recession in 11 years, which has caused a lot of people to hesitate over whether or not to take the leap. However, there are several signs that appear to indicate this is, indeed, a good time to become a landlord.
We work with clients from various backgrounds, including landlord of all types, and they have had their say on why now is the ideal time to become a landlord.
Second Source of Income
Due to the current pandemic, having a second source of income can be a great idea so, if you’re considering becoming a buy-to-let landlord, now appears to be a good time to do so.
Choosing the right property is necessary to get a good rental income, as you’ll be able to charge a little more if you buy a home that is ideally located and if it’s in a nice area, for example. Other features that can boost the rental value of the property include having bedrooms or bathrooms, as well as a garage, yard and conservatory.
If you’re looking to make a profit when purchasing a property, then, it’s important that you consider location, safety of the neighbourhood, proximity to schools or (if you’re looking to rent to students) universities and proximity to transport links, as well as whether the home has a garden, attic and space to park the car.
All of these can raise the price of the property, of course, which can be troublesome when buying – but it also allows you to set a higher rent