Lorraine, became a landlord three years ago when she was 27. On International Women’s Day, she talks about her experiences of being a young woman in property, and what advice she would give to other young women who want to invest in property.
Hi Lorraine, please tell me about how you became a landlord
“I have a house in Hampshire, but I got a job in London and didn’t really want to sell it, so renting the house while working in London just seemed to make sense. As a young women it was good to have in the background so when I decide to settle down and have kids I could provide for them in a place I felt would be safe”
Why did you choose property?
“I chose property because I believe property is a good investment to make, and definitely worth purchasing whilst you can. I was lucky that I brought a property that was in the beginning stages of development off paper so over time the value of it has increased so if I was to sell it, I’d get quite a bit back”
What is your experience of being a young woman in property?
“Sometimes it can be quite isolating because I don’t know any other young landlords who are women, but I’m part of several forums and Facebook groups, so if I ever have issues I can get feedback on those platforms”
What advice would you give to other young women like you who want to get into property investment?
” The advice I would give is to definitely get to know people in the trade. My brother has his own construction company so whilst the house was being constructed I’d bring him along just so he could ‘snag’ the house and look out for any bad workmanship. It’s always good to have reliable contacts, and that applies to everyone.
“I’d also say that parts of it can be fun. I ask friends for help when I need to decorate my property, and as well as this helping to keep costs down, it makes working on the property fun as well”.
Do you think women bring certain skills to being a landlord?
“I think they do, and I’d encourage other women to go into property investment. I think women have very good eyes for detail. I’m quite fussy and picky about what I want, and I want things to be just right. I also want a house to be proud of, and that tenants can be proud of. When I first rented out my house, I was in the property till 3am the day the tenants were due to move in, just making sure the place was cleaned property and smelt nice, so when the tenants moved in the following morning it felt like a place they could call home”