search

5 Surprising Expenses new Landlords have to Deal with

5 Surprising Expenses new Landlords have to Deal with

Letting out the property is considered an easy and convenient way of earning income. But it is important to understand that there is much more to being a landlord than simply finding tenants and collecting rent. People think that there are no hidden costs involved when you are letting a property so they are often blind-sided by the expenses that they need to take care of.

Here are a few expenses that the landlords have to pay so that they can become a successful landlord.

Paying the Letting Agent Fee:

If you want to become a landlord then you need to find tenants and it is a competitive business so it is not easy to find the tenants. The best way of earning good money through letting property is to use the letting agents to find the tenants that are able to pay the rent that you want. There are two levels of services that you can take advantage of. The basic service helps in finding the tenant and the services include credit checks, interviewing and advertising. If you use the full management services then you will be able to get a service that helps in finding tenants, collect money, paying bills and managing the property.

The Maintenance:

You will not be able to attract the tenants of your property is in bad shape. It is essential that you keep the property in perfect condition. You will have to invest money in upgrades and repairs so that you can keep the property in an attractive condition. You need to categorize the upgrades so that you can invest in the right ones at the right time. You should always look to enhance the value of the property so that it can stand out from the competition. In the competitive real estate business, it is always good to have competitive edge.

The Safety Checks:

It is the responsibility of the landlords to make sure that the property is safe for the occupants so there should be landlord safety checks so that you can stop the prevent big problems like leaks, cracks, broken appliances and other costly issues. It is the legal obligation of the landlords to do yearly gas and electrical safety checks.

The Insurance:

When you are letting the property you should not rely on domestic insurance because it does not cover all the risks that come with landlord insurance policy. When you are letting the property you need to get a specialist cover so that all the safety risks of a rented property are covered.

The Income Tax:

You should know that the profit you earn is subjected to tax. But the money that is spent on the maintenance and management of the property goes under the category of expenses and is not subjected to tax. Make sure that you keep all the receipts of the work done on the property safe o that you have proof of your expenses. It is always better to get the taxes done by an accountant so the chances of error are zero but hiring an accountant is also an upfront cost you need to consider.

Walk-in wardrobe design: Where Fashion Finds Its Home

A well-organized walk-in wardrobe design is important for maintaining an efficient and visually appealing storage space, especially in Indian homes. In India, where space is limited, a walk-in wardrobe allows for optimal space utilization and customization that allows for the proper arrangement of clothing and accessories, ensuring that every item has its designated place. A […]

Read More

20 Types of Door Handles for a Stylish Home Upgrade

Types of door handles play a pivotal role in both functionality and aesthetics, offering diverse options to complement various architectural styles and personal preferences. Understanding the plethora of choices can help in selecting the perfect door handle for any space. From traditional lever handles to modern electronic ones, the market boasts an array of designs […]

Read More

50 Exceptional Baluster Design Ideas Suitable For Indian Homes

Baluster design plays a crucial role in architectural aesthetics, particularly in structures like staircases, balconies, and railings. These vertical supports not only provide structural integrity but also contribute significantly to the overall visual appeal of a building or space. Baluster design also vary widely, ranging from simple and utilitarian to intricate and ornate, reflecting different […]

Read More

How School Building Design is Changing in the 21st Century

The 21st century has ushered in significant transformations in the design of school buildings, reflecting shifts in educational philosophies, technological advancements, and societal values towards sustainability and inclusivity. This evolution in design is not merely aesthetic but represents a profound rethinking of the role physical environments play in education. Gone are the days of stuffy […]

Read More

Kitchen Design Mistakes to Avoid for a Functional and Stylish Space

In kitchen design, functionality and practicality are everything. Design and aesthetics are secondary, but this doesn’t mean that you can’t have a kitchen that’s both functional and aesthetically pleasing.  Calling a kitchen remodel company is ideal before starting your kitchen renovation project, as they can provide valuable insight on how to successfully redesign your kitchen. […]

Read More

10 Captivating Wall Texture and Colour Combinations for Indian Homes

Texture and Colour are powerful tools for creating a unique and functional space. They not only enhance the aesthetic appeal but also create an ambience that resonates with style and purpose. These textures and colours can be sleek and modern or rustic and inviting, allowing you to infuse your personality into the walls. They serve […]

Read More

Elevate Your Car Parking Design For Homes

The evolution of car parking design for homes in residential architecture influences plenty of factors such as urbanization, technological advancements, environmental concerns, and changing lifestyle preferences. Early architecture did not consider car parking design for homes, but the rise of automobiles in the early 20th century led to the incorporation of garages or carports. Post-World […]

Read More

Wardrobe Interior Ideas: 13 Guidelines To Select For Your Bedroom

Wardrobe interior ideas are where functionality meets style and organization, intertwined with creativity. It is about a treasure trove of wardrobe interior ideas that transcend mere storage solutions. Your wardrobe isn’t just a repository for clothing; it’s a curated space where daily rituals unfold and personal style finds its expression. From clever storage hacks and […]

Read More

15 Types of Wardrobe That Adds Extra Space In The House

A wardrobe is not just a piece of furniture constructed in the house. There are types of wardrobe one builds in the house according to their needs and requirements. Choosing the right type of wardrobe can be a critical task at times. While designing the house, one always thinks about the kind of storage space […]

Read More

Furniture for Small Spaces: 15 Ways to Decorate Compact Homes

Compact homes and furniture for small spaces have become today’s trends in designing a home. However, affordability is not the only reason for choosing a compact house with furniture for small spaces. They are also easy to maintain and reflect simplicity in daily life. For furniture for small spaces, their ideas and designs are more […]

Read More
  • THINK OF IT! - Garden Restaurant | Studio Lagom

    5 most effective tips on how to sell your home