Landlord: What are the Pros and Cons of Landlord

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So You Think You Want to Be a Landlord

A rental property can be a cash cow, but it also comes with a lot of

responsibilities and the decision to become a landlord isn’t one to be taken

lightly. Make sure you’re cut out for it before taking the plunge. Here are things

to consider being a landlord before renting out your place:

Advantage of being a landlord

landlord pros and cons article image

 pros of being a landlord

Paying off your mortgage in about half the time: The extra income

generated is why most people decide to become landlords. The rent earned

can be used to cover your home’s monthly expenses. You can make

mortgage lump-sum payments with the money left over.

Building a nest egg: Once you’re mortgage-free, why stop renting? Start

savings toward your next goals, like early retirement or buying a standalone rental property.

Being the boss: Owning a rental property is like owning your own business

—and you’re in charge! You get to make all the important decisions—

setting the rent, marketing your property, and choosing the tenants.

Claiming tax deductions: Rental income must be reported on your tax

return. To help reduce your tax bill, deduct expenses related to your rental

property, including mortgage interest, home insurance, property tax, and


Earning Sweat Equity

Are you handy around the house?

Roll up your sleeves and earn

yourself some sweat equity. Renos

and upgrades like refacing the kitchen

cabinets and installing a dishwasher

can boost your rental income

potential and property’s value.

Creating your own safety net: A tenant acts as a safety net—the rent is

like an extra paycheque coming in. It’s the perfect way to supplement your

income during maternity or paternity leave, or your severance pay after a

job loss. Tenants also help reduce the stress of being a first-time homebuyer

and carrying home on your own.

Read More for more information: Mortgage Burning: 5 Key Mortgage-Burning Takeaways

Disadvantages of being a landlord

Cons of being a landlord

Sharing your personal space: Although

you won’t be living in the same unit

together, you may be sharing common areas,

such as the yard and laundry room. Make

sure you’re comfortable with just having

other people in the house. It can be

disruptive if your tenants are having guests

over at all hours of the day and playing loud music with bass. If you’re a

single female homeowner, will you be comfortable renting to male tenants?

Read More for more information: Reverse Mortgage: Chase, Rocket Mortgage & Troubles

Handling tenants: Tenants aren’t a guaranteed income source. Your tenant

can stop paying their rent at any time, leaving you to carry your home on

your own. Tenants have many rights. You can’t just pack up your tenant’s

belongings and evict them, but there are ways to protect yourself (more on

this later).

Read More for more information: When You Owe Taxes then What Happens?

Dealing with emergencies: When you’re a landlord, be prepared to be on

call 24/ 7. There’s never a good time for a flooding basement or gas leak,

but if it happens at 3 a.m., you have to be ready to deal with it.

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Facing higher maintenance and repair costs: Although there are plenty

of excellent tenants out there, renters tend to not take the same pride in

ownership as homeowners. Be ready to spend more on maintenance and

repairs. You’ll want to keep your property in good shape to attract top dollar from renters and for when you sell one day. (And for your own

enjoyment too!)

Read More for more information: The Psychology of Debt: What Are The Psychology of Debt

cons of being a landlord, disadvantages of being a landlord, pros of being a landlord, advantage of being a landlord

cons of being a landlord, disadvantages of being a landlord, pros of being a landlord, advantage of being a landlord


landlord noun [C] (OWNER)

a person or organization that owns a building or an area of land and is paid by other people for the use of it: The landlord had promised to redecorate the bedrooms before we moved in. Housing associations are the biggest landlords in this area. SMART Vocabulary: related words and phrases.

Men and women can both be landlords, although you can also call a female landlord a landlady.
1a : one who has the occupation or temporary possession of lands or tenements of another specifically : one who rents or leases a dwelling (such as a house) from a landlord. b : one who holds or possesses real estate or sometimes personal property (such as a security) by any kind of right. 2 : occupant, dweller.

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