Thinking of becoming a landlord? Make sure you consider these factors

New figures show that 50 per cent of landlords think it’s a great time to invest in buy-to-let accommodation, thanks to increasing rents and demand from first-time buyers who are being priced out of the market. But what should you consider before taking the plunge and becoming a landlord yourself?



You may be considering renting out a property you already own, or you may be looking at taking out a buy-to-let mortgage and becoming a landlord as an investment. Either way, there are a few things to consider when you begin the process.



The first is how you are going to go about marketing your property. It is important to think about what type of tenant you want to attract and target your marketing strategies accordingly. You may want to start small with an email to friends or a free-ad in local newspapers or websites before hiring a letting agent.



However, letting agents attract a huge amount of interest and are usually necessary to find tenants quickly. The longer your property stands empty, the more mortgage payments will have to come out of your own pocket. The phrase time is money is extremely pertinent to most landlords!



This brings us to the next consideration – special Discount Landlord Insurance, which includes rent guarantee insurance as standard.



Landlords can also incur costs if a tenants is injured in the property. A good landlord insurance package should provide financial protection from these kinds of accidents through the inclusion of public liability cover.