The benefits of being a landlord

Property is one of the safest investments you can make, so it’s no surprise that becoming a landlord is appealing to more and more people each year. In fact, in 2019 there were 2.66 million landlords in Britain alone.

So, what exactly are the benefits of being a landlord?

Income

This is undoubtedly the main reason why people become landlords; not only do you receive money every month by the tenant paying their rent to you, but you will also receive the return on your property investment when you eventually come to sell, if you own the property outright the returns are even higher. The return on your investment can be used as a pension, saved ‘for a rainy day’, or even used to repay your mortgage if you still have one.

Independence

By building up a portfolio and renting several properties at a time, many people can turn being a landlord into their full-time career.

Tax Deductions

All rental income is taxable, although there are a few tax deductions you can take advantage of to help the cost. Some of the expenses required to uphold the business are tax deductible, including:
• Accounting
• Buildings
• Building content insurance
• Cleaning
• Depreciation during wear and tear
• Gardening
• Mortgage interest
• Replacing water pipes and disposable duct
• Replacing damaged furniture
• Repainting

Being a landlord isn’t for everyone and it can be challenging at times, however in the long run, the investment you make from it, can be very rewarding.

If you are looking to become a landlord, get in touch with our team now to find out more about our services.