The benefits of becoming a landlord

December 9, 2016 by Brendan O'Neill

Landlords

Investing in property may seem like an attractive proposition, especially as you receive money every month from tenants. However, there is far more to being a landlord, so it is crucial to check whether it really is the right option for you and what the benefits would be to you.

As long as you have a tenant who pays regularly and on time, you will receive a monthly income which will cover the mortgage payments. This is an option which allows you to maintain a property, which you may otherwise have to think of selling.

Investing in a property as a landlord will provide long term security. You may want to sell the property once you hit retirement, or keep the monthly rental payments as income, especially if you own the property outright. You may also find that you are in need of a home yourself, perhaps if you are made redundant or another life changing event occurs. However, tenants do have rights, so you may want to check with a CeMAP qualified mortgage adviser before giving them notice on their tenancy.

You may be eligible for tax relief as a landlord. You may be able to claim for expenses incurred at the rental property. To find out what you can claim for, contact HMRC for more information.

Becoming a landlord involves a lot of hard work too, as you have responsibilities to tenants. Consider all the implications carefully before making a final decision.