Being a Landlord During Retirement

By on May 27, 2020
Landlord

Your years in retirement are for relaxing, the time to travel, to live a life of leisure, and to do the things you previously didn’t have time to do. There are many benefits to retirement, but for some people, their savings or pensions aren’t quite enough to make ends meet. This is why a lot of people consider becoming a landlord during their retirement, as it is a good way to boost your income without having to go back to work. If you have recently retired or are approaching your final days at work and are thinking about this as an option, here are some pointers you should keep in mind to help your make your decision. 

Maintenance 

Landlords are responsible for the overall maintenance of their property, so you need to be prepared to take on these duties. From emergency plumbing disasters to putting a fresh coat of paint on the walls, many jobs will require your attention at one point or another. There are professional services that you can hire to do these maintenance jobs for you, and it is highly recommended that you do to get a top-quality finish.

Cleaning

You should also keep in mind that the cleanliness of the property is also your responsibility. Each time you receive new tenants – or guests if it’s a holiday rental – you will need to make sure the place has been deep-cleaned before they arrive. Cleaner Cleaner Ltd is a good example of an expert service that includes disinfectant and anti-viral treatments as part of the job. They can get into hard-to-reach areas and will leave your property sparkling clean.

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Representation

If you do not live in the same area or country as your rental property, you must organize some representation there for you. Although you can communicate with your tenants via email and phone calls, some situations will require face-to-face contact, which might not always be possible for you to do. Find a trusted friend, relative, or use an agency service to provide your tenants with a reliable contact in times of emergency. 

Legal Aid

Owning property comes with legal responsibilities, and if you’re renting out the said property, there will be specific rules you will need to follow. Find a lawyer that specializes in landlord and property law to help you navigate your way through the legal terms and explain your obligations to you. They can help you develop your rental contracts and tenancy agreements, as well as provide representation and support if there are any legal issues between you and the residents of the property. 

Taxes

Finally, you should do some thorough research into any additional taxes or rates you will need to pay on your property. Again, this is something a lawyer may be able to assist you with, but you should always make sure you understand the extra costs of owning a second property. You will also need to get renters insurance to protect your interests. 

Renting a property during your retirement years could be a brilliant way to increase your income and improve your standards of living. However, there is also a lot of responsibility that comes with it, so make sure you’re prepared to put in the time before you purchase a property. 

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Being a Landlord During Retirement