The Landlord’s section of the Toolkit is to support landlords renting properties in the Private Rented Sector in BromleyPhoto credit: thecreativesisters
Being a landlord can be a difficult and time-consuming job, and the legal and financial obligations involved mean it's not right for everyone.
We have gathered information from local and national support organisations so that both first-time and experienced landlords can stay ahead of their evolving responsibilities and ensure the long-term success of renting to tenants in the Borough.
There are many benefits to being a landlord in the private rented sector:
- Income is the main reason many people consider becoming a landlord, and you should receive enough each month to cover any mortgage outstanding on the property, allowing you to hold on to the property while it gains value.
- So as not to discourage individuals from becoming landlords, there are several tax deductions available to offset the taxation of your rental income.
- An ongoing income which can be saved as a pension or for a 'rainy day'. It’s also possible for you to use the property yourself (so long as you uphold any contracts signed with tenants).
- Being a landlord is like managing your own business, which can be very rewarding. You get to make the decisions on costs, contracts and terms and whether you want to sell your property and when.