In a recent article it was interesting to read that a high percentage of landlords are embarrassed to admit that they are indeed ‘landlords’ and it got us thinking about the different reasons people rent out their property and ask the question:
What type of landlord are you?
Here at Mackenzie Smith we encounter various types of landlord, most are’ intentional’, but some are ‘accidental’. You may find yourself identifying with one of the below…
The most common type of landlord in our area is indeed the investment landlord. Even if you have purchased just one property specifically to let out, and receive income from it, you would fall into this category. An ideal investment landlord is someone who purchases a property and understands the concept of a quality property attracting a quality tenant. An “ideal” tenant will more than likely go for the property that has had a fresh coat of paint and has been looked after, rather than a property where a landlord has not spent any money maintaining but still expects to achieve market rent.
*Also in this category are the people who keep hold of their property and let it out having bought a new property to move in to.
- Parent/s or relative needing to go in care home
Over the last few years we have seen an increase in properties coming to the market whereby the owners have needed to move into a care home due to deteriorating health, the family have made the decision to let the property out to receive income that can be put towards the care home costs. This can provide a vital income until the time is right to sell. We will advise prior to the property coming on to the market with regards to any works that may need to be carried out to help achieve a good rental price along with legal requirements.
- Work relocation
It is now very common that when being relocated with work, either overseas or within the UK, homeowners are renting their property out while they are working away. This provides an income that can go towards living costs but can also provide a ‘safety net’ just in case things don’t work out and you need to return home. We will usually be fully managing your property in these circumstances and carrying out regular inspections. We can then ensure that the house is ready for your return with the help of trusted contractors and professional cleaners.
- Cannot sell the property
In the situation where a client cannot sell their property for whatever reason, some consider the option of renting it out instead, allowing for the continuation of a move. In many circumstances, the owners are able to sell after the initial tenancy period, having benefited from an additional income during this time.
Do you see yourself as a landlord? Can you identify with one of the above circumstances or think you will in the future?
For expert advice on letting your property, or on any other aspect of letting, please contact us on 01252 514000 or firstname.lastname@example.org, we look forward to speaking with you.