Is Becoming a Landlord Worth it?
The biggest attraction and incentive to becoming a landlord is the opportunity to make money and the potential for a substantial income. This is especially true if you have a portfolio of properties. Your tenant will pay the rent which will cover your mortgage payments, any money you wish to put aside for maintenance and repairs, and agency fees if you choose to use a lettings agent or property management company.
The money that is left is profit. The more properties you have, the more income you will make. If you do not have a mortgage on your property, you will make a lot more money as profit. Of course, how much profit you make will depend largely on how well you maintain your properties, and how well your tenants look after them. If you have a reliable and respectful tenant that pays the rent on time and does not break things within your property, then you will not miss on mortgage payments or need to lay out any expenditure on repairs.
To sum up, if you conduct yourself in a business-like manner and do things properly, then being a private landlord is totally worth it. If you get a little help from a local lettings agency, you won’t have to put as much work in and it becomes even more worth it!