Etini
Valued Contributor
I have been lucky to have my dad owning properties that I just had to take over management. When I hear people talk about the allure in being a landlord, I can't help but wonder from my experience if it is just hype. I am listing out some reasons why I feel the landlord life is overrated.
1) Unexpected Repairs and maintenance costs: It is sweet to be earning rental income till you get to find out that half of it can go into maintenance of the property. And these are not even tenants induced damages but normal wear and tear that is the responsibility of a landlord to fix. Issues like leaking roofs, soak away damages, water pump issues, etc are not repairs that come cheap.
2) Tenant Issues: The most difficult component of management is man management and here you have to manage humans that live in your house. Let's start from tenants that would pay your rent late to those who would bring intruders into your compound and those that would be careless with facilities in the house. It is not easy to manage these bunch if any of the bad ones happen to be your tenant. Evicting them? They might take you through a legal tussle that would get you tired at the end.
3) Market Influences: There are times when the economy is so bad that your property would be vacant for months or years without anyone to live in and pay you rental income.
Be that as it may, being a landlord comes with so many good perks financially and otherwise. Just wanted to let you know some challenges of it before you step into it.
1) Unexpected Repairs and maintenance costs: It is sweet to be earning rental income till you get to find out that half of it can go into maintenance of the property. And these are not even tenants induced damages but normal wear and tear that is the responsibility of a landlord to fix. Issues like leaking roofs, soak away damages, water pump issues, etc are not repairs that come cheap.
2) Tenant Issues: The most difficult component of management is man management and here you have to manage humans that live in your house. Let's start from tenants that would pay your rent late to those who would bring intruders into your compound and those that would be careless with facilities in the house. It is not easy to manage these bunch if any of the bad ones happen to be your tenant. Evicting them? They might take you through a legal tussle that would get you tired at the end.
3) Market Influences: There are times when the economy is so bad that your property would be vacant for months or years without anyone to live in and pay you rental income.
Be that as it may, being a landlord comes with so many good perks financially and otherwise. Just wanted to let you know some challenges of it before you step into it.
