These Are the True Pros and Cons of Being a Landlord

Being a landlord comes with many things, good and bad. From the time commitment to the financial obligations, in this article we are going to give you a rundown of the pros and cons that come with being a landlord. Let’s get right to it, starting with the pros.

PROS

Income

Income is one of the most obvious pros of becoming a landlord, you will receive a set amount of money each month from your tenant. If you have a buy-to-let mortgage, the money received from the tenant can help you pay that. If you own the property outright, even better! The money received will be even higher as the mortgage has already been paid off.

Tax Deductions

All the income that you will receive as a landlord is taxable. There are some tax-deductible expenses which include:

  • Interior Repairs
  • Exterior Repairs
  • Professional Services
  • Gardening
  • Repainting and Redecorating
  • Replacements

Contact us to find out more tax-deductible expenses.

Flexibility

When it comes to being a landlord, you are at a huge advantage when it comes to flexibility of managing an investment like your property. You decide on the cost, contract, terms, and conditions. It can be a very rewarding benefit.

CONS

Tax

Yes, there can be tax breaks, however, you will have to pay tax on anything such as rental income.

Legalities

It is absolutely paramount that you are clued up on all legal requirements and compliances. You must know where you stand when it comes to your tenants failing to send money on time and how to deal with difficult situations professionally.

Here at The Mistoria Estate Agents we are proud to offer a professional and reliable estate agent service to our clients. Whether you’re a professional or new to the world of real estate, we are here to make this journey worthwhile for you.

Our team are dedicated and proven experts within the property management, lettings, and sales industry so make sure to get in touch with us for more information.

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