For many of us, being a landlord can seem like the perfect career. As record numbers of people choose to rent instead of buy, it appears to be an easy way of making money. Many also believe that being a landlord also requires minimum effort. But these perceptions are not entirely accurate. This can cause many people to develop unrealistic expectations of what it’s really like.
The reality of being a landlord can come as a huge shock to those who haven’t done their research beforehand. So if you’re considering starting a career as a landlord, here are some harsh realities you should know before taking the plunge.
You will need to be available 24/7
When you become a landlord, you’ll be expected to be available to your tenants 24 hours a day, seven days a week. It’s not the 9 to 5 job that many people consider it to be. While some days will undoubtedly be quiet and uneventful, others will require you to work long hours.
Your tenants might experience a burglary or water leak, which you will need to help them handle. A quick visit to the property to collect the rent can also turn into an all day affair. So before becoming a landlord, it’s important to realize that you could be called upon at any time, no matter where you are.
You need to follow legalities
There is more to becoming a landlord than investing in a house or apartment and renting them out. You are required to follow a number of rules and legalities to protect you and your tenants.
These vary from how to deal with deposits to how to legally evict tenants. These rules also ensure that your property is safe for prospective tenants to live in. These legalities should be something that you research extensively before you begin.
Overlooking them could result in expensive fines, loss of your property and even a jail sentence. So look online and in landlord publications to find out exactly what rules you need to abide by.
It’s hard work
One of the biggest misconceptions about being a landlord is that it’s one of the easiest jobs in the world. But in fact, it requires a lot of hard work and effort. You’ll need to find potential tenants and show them around your apartments or houses. You’ll be required to spend time furnishing, decorating and improving your properties. Dealing with tenants can also be challenging and stressful at times.
Being a landlord is a learning curve where you will learn something new every day. You’ll have to adapt to different roles from rent collector to DIY expert. Even though it is hard work, it makes the money you earn that much more rewarding and satisfying.
If these points about being a landlord don’t phase you, then this might be the career for you after all. For further guidance and advice, talk to other more experienced landlords about the process of getting started. Their insight will be invaluable and could help you start your new career in the best way possible.