To the uninitiated, buying property with a view to letting it out can seem like a very easy way to make money, but like most things in life, when you take a closer look it is rather more complicated. Being a landlord is an excellent way to generate a regular income and has the bonus that the rental property will always increase in value, however, it is not money for nothing.
The incautious landlord will soon find that a poorly managed property is more likely to lose money than turn a profit. Having a clear understanding of the costs involved in running a rental property is crucial to the success of your business. It’s important to remember that if your property is tenantless and your rental income is stopped, you will still need to pay the standing orders for services.