What made you want to become a landlord?
When my son Robert went to Nottingham Uni we thought, instead of going in halls, we'll buy a little house in Beeston. When he finished his course and he left, I wondered what shall we do now then?
Then we thought, "let's rent it out!" We got in touch with the letting agent, and they agreed this would be a good idea and they could help us out - so then we put that property on the lettings market.
Next, we found a flat in Nottingham City Centre in an old textile building that we bought, which was rented out virtually straight away. We've got another one across the way in another block as well and we decided we would let the agent handle everything as it’s better than doing it all myself.
What are the most significant benefits you have experienced as a landlord?
It would have to be the extra income stream to help supplement my pension.
What challenges have you faced, and how did you overcome them?
Nottingham Council instigated some sort of licensing scheme, which was such a pain. It meant there were many occasions of “do this” “you can't do this” “this has to be in place.” So, with all that red tape being introduced, I asked our letting agent to do it, who had a much better idea of how to best manage it all than I did.
How do you stay informed about changes in the UK property market and relevant regulations?
I do tend to leave it to go through our agent, but I do stay informed and read through all the changes - it's fairly straightforward. Plus, as it impacts me as a landlord it's something that I’d want to do anyway.
How do you manage your properties, and what tips can you offer for effective property management?
If there’s ever a problem, our letting agent will ring us as soon as it’s flagged. Depending on the issue we sometimes would rather go around ourselves or contact people we know and trust and use them to resolve the issue.
Often, I've asked Sophie from the branch for recommendations for anyone to use. If she knows of a reasonable electrician, or plumber to call – and she’s always well informed and has never put me wrong.
Have you experienced void periods, and how did you manage them?
With the house in Beeston, we’ve had a tenant in there for a long time. They're very good tenants and I don't put the rent up as they do a lot of work in the house, like painting and sorting out the garden. So, I try not to put the rent up too much there to even it out.
We've never had to use any evicting procedures or anything like that. Plus, the good thing about the lettings agent is, as they're right in town, if somebody gives notice, they'll write to inform us that as one set of tenants has given notice, they’ve moved someone else in. So, as soon as somebody moves out, the next day somebody's in meaning we never experience a void period!
What advice would you give to someone considering becoming a landlord for the first time?
Frankly, investing in a buy-to-let property is going to cost a lot of money and you want to ensure you charge a fair amount for the rent. Plus, you have to bear in mind service charges and ground rents if it's an apartment, which rise every year. So you do have to weigh-up these costs.
My advice would be to maybe buy a house if you can. Once you've got the house, all you've got to do is pay for the upkeep and insurance with no service charge or ground rent. If you've got a reasonable house, then you shouldn't have any problems.
Are YOU interested in becoming a landlord?
For many, like Jan, becoming a landlord is the smart choice to give you financial freedom and help with your retirement.
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