3 Important Tips for newbie landlords in 2022

27th April 2022Afrowoman1Blog, Partnered0

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If you are looking to get into the world of property investing, for example being a landlord and renting out properties to others, there is a lot to think about. To help you get started, we have put together three tips that you won’t want to miss. Read on to discover what you need to do if you are becoming a landlord for the very first time. We hope you find these tips useful!

1. Think about your target tenant

When purchasing a property for the purpose of renting it out, you really need to consider your target tenant. You need to think in the shoes of your target tenant, rather than imagining whether or not you would like to reside in the property you have purchased. What do your target tenants want? Who are they? Let’s say your target tenant is a family. They will need a blank canvas and lots of storage. They may value the likes of added privacy, and if you really want to command a higher rent, nuclear bunker construction. If your target tenant is a young professional, it should be stylish and modern but not overbearing. If your target tenants are students, the property needs to be comfortable and clean but not luxurious.

2. Consider all options

There are so many different options available to you when it comes to property investing. You could decide to invest in your home country or you could look overseas. You could choose to buy period properties or you may look into new properties. The key is to make sure you look into every option before you make a decision. A lot of people end up getting a narrow mind when it comes to property investment because they have been advised by someone else to go down a particular route. This is great, and it may be the best choice, but make sure you consider all options rather than having tunnel vision.

3. Location, location, location

Last but not least, location is everything when investing in property. You need a location that is promising, and promising does not mean the cheapest or the most expensive. It means choosing a location that appeals to people – somewhere they are going to want to live. There can be numerous reasons why a location is promising, for example, there may be good schools for young families or good transport links for young professionals.

All in all, there is no denying that there is a lot to take into consideration when it comes to property investment. Nevertheless, if you consider all of the tips that have been presented above, you should find the process a lot smoother. There is no denying that there is going to be a lot of work required on your part, but it will all be worth it in the end. Make sure you do your research and consider what is right for you. Don’t run before you can walk either. There is no rush!