The 6 biggest hassles of being a landlord

If you recently bought a property for rent, you probably know there are many hassles of being a landlord you will have to handle. Becoming a landlord is a great way to gain a primary or secondary income. However, it is definitely not an easy job and you will need to stay optimistic and focused. Moreover, you will need to invest money, time, and effort into it. At times, you may find that it is a full-time job that requires your constant attention. Aside from finding desirable properties, there are plenty of other hassles that will come up throughout your life as a landlord. So before you take the step, here are a few of the hassles of being a landlord you may have to face.

Finding rentable properties

One of the hassles of being a landlord is finding the right piece of property. Although you may think this is the easy part of the job, that is not always the case. You may end up with a property that is not desirable enough for tenants. Moreover, you will need to have a sum of money available to buy the property and prepare it for rent. This alone will be costly and time-consuming, not to mention the effort you will have to invest in the process.

Preparing the property 

Once you have found the right property, you will have to prepare it for rent. If it is a new unit, you should consider whether you want to rent it furnished or not. A furnished property means you will have to set a budget for the interiors. Although you will rent it for a higher price, you should first ensure you have the money for it. If, however, it is not a new unit, you will need to handle repairs. Before renting out the property, it must be in good condition. This means no stained carpets, no leaky faucets, and no chipped paint.

Tenants

Issues with tenants start with finding someone to rent your property. Whether you choose to place an online ad or hire an agent to do the job, you will likely wait a while before the property is rented. Next, you will have to make sure the tenants will be able to keep up with rent and are able to maintain your property. Landlords often come across tenants who are always late with rent, and even tenants who fail to pay. Some tenants may damage your property and fail to notify you, this means that when they leave, you will have piled up repairs to manage before you are able to rent it out again.

Property management companies

Some landlords opt for property management companies who are responsible for keeping up with maintenance and tenants. However, you must make sure you have found a trustworthy company. If not, you could easily end up with a company that overcharges for repairs or does not pay much attention to the property. These hassles will eventually affect you financially, especially if you suddenly discover that your property is not in the condition you hoped for.

Maintenance and repairs

Out of all the hassles of being a landlord, this is probably the one you will come across most. Maintaining a property is not an easy task, usually, you will have to make constant repairs to the unit. Repairs may begin before you rent out the property and continue on throughout renting it and even after your tenants have moved out. The best way to handle this issue is to stay on top of things. Have regular checks on the property in order to make the repairs as soon as possible. The longer you wait, the bigger of a problem it may become.

Finances

Finally, becoming a landlord could become a financial burden for you. There are times where you could find yourself spending more than you earn. This happens because of the money you spend on the property, both on the purchase and upkeep. That is why it is crucial to always have a sum of money saved up for emergencies. You will need to guarantee that becoming a landlord will not drain you financially. Although you may never be certain of how much you will have to spend, it is best to save as much money as you can.