Landlords have always been looked up with great respect in the society. Stories of landlords have been heard from Europe to America. Spread around the globe for their arrogance, wealth and attitudes. They are believed to be rich owners of ancestral lands. Being a landlord, has always held pride. But now, the days are not so, with lower rates of interest in banks people have bought properties and secured themselves. Becoming a landlord has never been any easier than present day. Property is one of the safest investment that one can make. There are a number of emerging landlords and the types of landlords too differ. The same old traditional renting and selling is no more a practice.
Anyone can be a landlord! And you have options too. Landlords! Landlords! Different types of Landlords!
If you are a busy corporate, businessman, NRI owning some unused property in the native or in the country side, then it’s time for you to be a Landlord. Worried about issues related to it? Or have no time for it? Then here is an option for you. You can be a Buy-to Let Landlord. You can just handover the property to the respective people who look after the property with certain amounts of commission and your monthly income is transferred to you.
What if you are fed up with the same old house which your great grandparents used to live? And you don’t want to sell it! Rather move to a beautiful bungalow or construct your dream house? Or relocate to some other place in the country? This is the time you can be Let-to-Buy Landlord. You can let your properties on a mortgage or rent it, hand it over to concerned agents who can handle the legal matters related to it. And you can be happy with your new home.
You are suddenly transferred to some other place or you have to work on-site. Now, what? Will your house or other property be haunted? You can be a Short-Term Landlord. This can be for a period of 6-12 months. There are many people out there who are transferred or temporarily relocated like you.
Or one can simply be a Long-Term landlord. Rent or mortgage the property and enjoy the income and walk around with pride throughout your life.
Being a landlord has various options and it’s worthy too. But landlordism has its own pros and cons. When it comes to Tenants one has to be very careful. Now, landlords can be stress free with the emerging property management companies. They can handle all the legal issues and help us to be a Landlord of our choice. Handling tenants, local or international is not an easy task. At times, we need to be very prompt and strict. Property management can be easier with property management companies.
Now, let us see the pros of being a landlord. Many of them I have mentioned above. Nevertheless, let us see it again.
You get your monthly income and this is the best advantage of being a landlord.
No doubt that a landlord needs to pay tax but there are deductions in it as you can show them the renovation charges you bear every year.
The property helps you to live economically independent. In case you have any living problems in future, you can use your own property for that.
Landlordism is like having your own business with flexibility and rewarding income.
In spite of tax deductions you have higher property tax. Long term capital gain tax on properties you own.
Every year you have to take care of re-painting, re-placing, repairing etc.
Safety measures should be periodically checked and tested.
Making all the safety certificates, tenancy deposits, renovation costs take a lot of money out of your pocket.
Well! There is a lot more to figure out. Practically, landlords face many problems though they walk with pride down the street. Landlords and tenants have been helped by the emerging property management companies. Hats off to them. In these busy times, it’s difficult to handle these sensitive issues. The property management managers assist us in managing our valuable assets.