What are the benefits of being a landlord?
One of the benefits of being a landlord is that the role itself can be very rewarding, with many feeling a really sense of achievement from owning and letting their own properties. Renting property provides a valuable service to local communities, as you provide homes for people to build their lives in.
Financial Gains Can Be Substantial
Clearly one of the main benefits of being a landlord is that the financial gains can be quite substantial. Total returns (income + capital gains) are often quote at 25% in recent years and 16% overall returns have been common. At Tabern we provide our landlords with realistic financial projections, so that you can be sure you're maximising the financial potential of your property, making good returns in good times and in bad, but you must be prepared for a few tenant hiccups along the way. Tabern can help with the occasional problems such as delays in rent, legal issues, deposits or terminating a tenancy, taking away the stress of being a landlord on your own.
Benefits of Being a Landlord Could Cover Your Mortgage and More
You should work on an initial yield (income return on outlay) of 6-10%. This will be sufficient to cover your mortgage if applicable, provide a reasonable income and sufficient funds to cover any maintenance issues as they arise. You also need to account for agent fees but in the long run this could save you from facing many problems as they manage your property efficiently.
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