While you might think being a landlord isn’t as lucrative as it once was, with the ending of tax breaks and incentives, it remains one of the best investments you can make for strong, reliable returns on your investment.
Being a landlord requires a lot of time.
There’s collecting rent, arranging safety certificates, and finding new tenants when old ones move out or you buy a new property.
One thing you can do, is hire a letting agency to take this admin off your hands and allow you to earn some passive income, without the admin and headaches.
Here’s just a few of the reasons it’s still worth becoming a landlord in the UK, especially with a letting agent by your side.
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Property is still a good investment
The property market is pretty stable in the UK and is continuing to grow.
Despite all the uncertainty around Covid and the economy, property values are still expected to grow by around 4% by the end of the year.
This puts property on the high end of potential returns.
So whether you choose to rent out to students in a city centre or families in the countryside, you can be sure you’ll make money.
Earn a passive income
If you invest in a property, whether it’s a flat or a house, and choose to rent it out, you will have a regular and reliable income.
Over time, if you build up a portfolio, you can earn enough to replace your 9-5 salary and many landlords choose to turn property investment into their full-time job.
If you hire a letting agent to handle the admin, property marketing and rent collection, you can earn your money without taking on any of the actual work.
Your property is a good asset
One of the main benefits of property ownership is it gives you a fixed asset.
Depending how aggressive you want to be with your investment, you can use a single property to borrow against to raise funds for future investments and grow your portfolio quicker.
Good for a retirement fund
Investing in a pension is a good plan for your retirement.
But investing in property can increase your retirement fund greatly, and provide you with a higher income once you’ve finished work.
Plus, you don’t have to wait until you’ve retired to see the benefits of rental income.
If you continue to reinvest your rental income into a property portfolio you could see your retirement income expand rapidly and give you more freedom to whatever you want once you’ve retired.
You could get financial independence
Being a landlord with one property will give you some extra income that you can use for future investment or for leisure activities and holidays.
But if you reinvest and secure a reasonable property portfolio you could find yourself having complete financial independence with a reliable source of income.
Plus, if you hire a letting agency to take on the property management side of your portfolio, you can enjoy all the financial freedom and benefits without taking on any of the work.
This is appealing to a lot of people, because they get to work for themselves and be around their passion for property.
How can a letting agency help?
Having a letting agency’s help as a landlord has many benefits.
Whether you’re a first time landlord, or rent out properties for your full time job, it’s worth looking into letting agencies.
Here are a few ways they can help you as a landlord.
Market your property and find tenants
Letting agencies are made up of a team of experts that are fully trained in getting you the best out of your properties.
They help you market your property, whether it’s online or in local publications like newspapers.
Using a letting agency means you don’t have to advertise for tenants, so all the hard work is done for you and you can just wait for the money to come in each month.
Manage the property for you
Something that puts a lot of people off being a landlord is actually managing the property.
But you don’t have to.
Letting agencies are there to take care of all the complicated stuff for you, including certificates you need and dealing with the admin side of things.
This way, your landlord experience can be stress free.
Chasing people for rent can’t be easy, especially if you have a lot of properties.
But with a letting agency, you don’t have to run around asking people for money, a dedicated agent will sort it all for you.
This is good if you’re a landlord on the side of another job and don’t have time for things like dealing with rent.
Finding the right agency for you
Are you a landlord and are interested in a letting agency?
Easy Let are here to help you if you’re looking at letting agents in Warrington.
Whether you have a simple question or want to use our services, get in touch now.