Becoming a landlord in 2024

Stepping into the shoes of a landlord is an exciting prospect, but it’s also a big responsibility which shouldn’t be taken lightly. If you’re a potential property investor, here are the key things you’ll need to know before embarking on your journey to financial security.

Understand the market

Property investment is no get-rich-quick scheme, so you’ll need to take some time to research beforehand. The property market is dynamic and shaped by fluctuating factors like economic conditions, housing demand and evolving legislation. So not only will you need to be informed from the get-go, but you will also need to keep your finger on the pulse at all times to manage your property effectively.

Legalities and obligations

Becoming a landlord means taking on a host of legal responsibilities, and there are serious consequences for non-adherence. From tenancy agreements to safety regulations, legal compliance is essential in every facet of letting out a home. Make sure to familiarise yourself with the latest legislation, ensuring that your property complies with all legal requirements. As the landscape continues to evolve and legislation tightens, it makes sense to invest in effective property management and have an expert letting agent on your side to guide you through the legalities.

Get to know the basics

Being a landlord goes beyond just collecting rent. Successful property management requires tenant screening, regular maintenance, and clear communication with the people living in your property. It’s important to have a robust system in place for property upkeep, as this will ensure that your investment remains suitable for your current tenants, and desirable for any future tenants.

Financial planning

As with any investment, establishing a budget is paramount. Make sure to speak with your agent and calculate your potential return on investment (ROI). Buy-to-let properties are an investment which requires money input, so you’ll need to factor in mortgage payments, property taxes and maintenance costs before you can figure out your ROI. It’s also important to remember that a secondary stream of income will not be your only return. Your property is an asset that will grow in value over the years, so try to plan for the future when deciding on a budget.

Take out landlord insurance

It’s no secret that there are risks involved with being a landlord. Things like unexpected loss of income or damage to your property could put you in a difficult financial position. By taking out appropriate insurance coverage, you can protect yourself and your investment even if the worst does happen. Landlord insurance is a specialised package which can include emergence assistance cover and legal expenses protection.

Hire a letting agent

The intricacies of property management can be difficult to navigate alone. A letting agent can be your guiding light, ensuring that your property remains legally compliant and that your tenants are trustworthy and reliable. Property professionals specialise in the marketing of your property, tenant sourcing, screening, and the day-to-day logistics of property management. This expertise on your side can be invaluable, especially if you’re a first-time landlord seeking a smoother entry into the market.

Thinking of becoming a landlord? Contact your local Guild Member for expert advice and guidance

Financial Services

Contact a specialist from Aston & Co Financial Services for help with finding the right mortgage.

Read What Our
Customers Say

Jodie Skinner

From the beginning, our experience with Michael and Rhys has been brilliant. Whenever we had a question to ask or needed some additional information, they were both just a phone call away and were always happy to provide us with an answer. As first time buyers, they made us feel ...

Sue Smith

We can’t fault Aston and co in Syston, for their handling of the sale of our property. We were kept up to date weekly and nothing was too much trouble. Both Micheal and Rhys were approachable and very professional. I would definitely recommend using them for an efficient and hassle ...

Andy

Having had issues with other agents, we came to Astons who gave us an honest appraisal of our house – not overpricing it like others to gain business. Michael and Rhys are a great partnership and Rhys being local was able to provide viewers with information that other agents hadn’t. ...

Andy Freer

Recently sold our house with Aston & Co. We honestly could not have asked for more. From the moment Michael came to value the house, to the day to day communication from Rhys we have not had to chase them once. Michael and Rhys are a great partnership and a ...

V Pears

We chose Aston & Co in Syston to handle the sale of our property. We were kept up to date regularly and Michael and Rhys dealt with all matters efficiently and quickly.We would definitely recommend using them for an efficient and hassle-free move.

Gareth Mueller

We bought a house from a vendor who used Astons & Co as their agent. Rhys was helpful and professional from start to finish and regularly kept us in the loop with how things were progressing. Communication was efficient and swift all the way through.

Julie Pearson

From the first visit to value our property to the final phone call informing us of completion Rhys and Michael at the Syston office have been brilliant, down to earth, realistic with valuation very easy to get in touch with.Making everything less stressful.Regular updates were very reassuring . I would ...

Charlotte Hings

The team at Astons are great. They’re really down to earth, take time to listen and help resolve anything they can for you.Their communication is excellent as they always keep you in the loop with what is happening with your sale. They keep both seller and purchaser happy.Fees are reasonable ...

Julie Perkins

We have recently used Aston & Co to sell our property. At all times we received regular reports from them on interest and following viewings . When our property sold Astons managed the chain keeping all parties fully informed and I believe that without their input our sale would have ...

Tina Poole

Michael and Rhys handled both our sale and purchases. They had good local knowledge, their valuation turned out to be on point. Our sale viewings were nearly all on the same day and we accepted an offer very quickly. We were kept up to date regularly with that and our ...

How Much is Your Property Worth?

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation.