I am an accidental Landlord what do I do?

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So, you have been left property and are wondering how to move forward. Before you get approached by all sorts of people looking to take advantage of your windfall you need to decide what to do!!

In essence, there are three things that you can do with your inheritance:

  • You can move into it. Which is possible if you are renting or wish to move to a bigger house, different area, etc.
  • You can sell the property. Although you will probably be stung with sales costs as well as other taxes and this may put a big dent in whatever you end up with.
  • Or you can look to rent out the property, if you think the work involved is worth the return.

Now I am quite biased in saying this, but renting out the property and enjoying an ongoing income from it is absolutely is the best way to go!

Why would you want to sell something that has cost you nothing but may make you a good return?  In fact, even if it has cost you a small amount of money it is worth putting in a small mortgage if you can, to keep the property and rent it out.

You need to look at it from a long term investment point of view rather than an  ‘I’m stuck with this property’ point of view.  It’s a guaranteed monthly income. You can hire a company to find you a tenant (that’s where we come in!), and they can even manage it for you should you not wish to deal with it yourself.

However, if you do wish to self-manage there is a huge library of information as well as self-help guides available to get you up to speed on your requirements.  You do need to know what you are responsible for and what the tenants are responsible for, and most properties will take up around eight hours a month if you self-manage, so make sure you have the time to do it if that’s the road you wish to take!

 

Most people listen to the horror stories on TV and this puts them off taking the big step into becoming a Landlord, which is a shame as the TV stations are always just looking for more viewers so most of the ‘true’ stories are just glorified to gain these views.

The good side of being a Landlord is that you get to help someone.  Maybe a couple, maybe a family, but these people will benefit from living in your property.

Yes, you make money, but you make it by giving someone a home to live in. No money give can you the satisfaction of making a difference to somebody else’s life like that!  We know because we do it all of the time !

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