When you are looking for a way to secure a good income without having to rely on an employer, working for yourself can seem like a good idea. The trouble is, there is a constant demand on your time and resources to deliver goods or services to an ever-changing market place. Instead, think about investing. If you have some money or property behind you, investing is a way to make that cash work hard for you. After years of careful saving and sacrifice, now may be the time to see what that hard earned cash can get you for the future.
Property will always be a good thing to invest in because the global population continues to rise. Housing will always be required, and home builders cannot keep up with demand. This pushes the price up on properties, making them a good investment. Because the cost of buying a home is so high most people under forty cannot afford to buy. Therefore, rental property is desperately needed. If you have any property, now is the time to look at becoming a landlord.
Even if you do not have a property to rent out, you can buy property to let. You don’t need to be a cash buyer either. Mortgage lenders are happier to lend on a buy to let than for a first home because they know you are generating income to repay the mortgage. Rates are quite favorable at the moment too. There will always be a need for rental property, so consider building a portfolio. If you like DIY, you could buy doer uppers and make a profit from selling on if you needed to raise some cash.
As a landlord, you will need to protect your home and yourself. Have a look at www.uklandlordinsurance.com or other insurance websites to find out what level of cover you may need. Your property will need to be protected against damage, and you will need some personal liability cover too. Take some time to find the right cover for the kind of properties and tenancies you are expecting to be dealing with.
If you prefer not to deal with the occupants of your properties, you can leave the advertising, property management and tenancy agreements to a letting agent. They work on your behalf. Some take a fixed fee while others will take a percentage of the income derived from the agreement. This will reduce your income but will take a lot of the hassle of letting your house off your hands.
Many landlords find they can pay their mortgage and still have enough rental income left to live comfortably. Investing in property this way can be very satisfying, as you get to keep the property as part of your portfolio for as long as you like. If you have good tenants, you should find your property in the same good condition when they leave as when the tenancy started. Most importantly, you will be helping people live in a good quality property they can call home.