Being a landlord is a 'long-term investment'

Posted: 17 Jul 2009 13:53:10 GMT

People planning on becoming landlords should not approach it as a short-term investment, according to a lovemoney.com blogger.

John Fitzsimons suggested that landlords who take a short-term approach to letting can get "badly burned", but when they put in work to get the right property and the right tenants, it can be a "great" investment in the long-term.

He emphasised the importance of getting up to speed on legal obligations - sihc as ensuring the property is safe for occupants, fitted with smoke alarms and that all electrical and gas appliances work.

Furthermore, Mr Fitzsimons added that landlords will need to familiarise themselves with the Tenancy Deposit Scheme and learn what may be expected of them.

He also explained that it is important for new landlords to choose the right tenants by taking time to carry out reference checks from previous landlords, as well as from the prospective tenant's employer.

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