After writing many blogs stating the advantages and disadvantages of being a Landlord it seemed natural to talk a little about whether it is a good idea or not to become one in the first place.<\/p>\n
The first might seem a surprise but I think it so important: your age! Why might you ask? Well in my opinion the job of a Landlord needs energy. As a younger man I loved the challenges associated with it: fix this, write a reference, unblock a drain\u2026. all the usual things.<\/p>\n
Now as I age (and I am not old yet, just under 40!) I find the daily chores associated with being a Landlord quite draining (excuse the pun!).<\/p>\n
Obviously I can\u2019t generalize for every person but for me this was much more rewarding when I was younger. I hope this isn\u2019t considered ageism.<\/p>\n
Another important factor is how much time you have available. It is better to be no Landlord than to be a bad Landlord.<\/p>\n
You will need to commit some time each week depending on the size of your portfolio. Even if it is just a single dwelling there will always be an hour or two per week needed.<\/p>\n
From a financial point of view (and I have addressed this in previous blogs) it is important to consider the tax laws of your country. Being a Landlord may not be as lucrative as you might think once you have paid the taxman his due.<\/p>\n
Many countries have an increased tax associated with unearned or passive income (such as rental income) so make sure and do your research first or seek advice from a tax advisor.<\/p>\n
My final word on this is: Don\u2019t become a Landlord so that you can say you are one. They are a well-regulated and often not well-regarded bunch!<\/p>\n","protected":false},"excerpt":{"rendered":"