Last Updated on Mar 25, 2020 by James W
Are you a property landlord? And do you have one or more residential properties that you rent out to people? If the answer’s yes to both questions, you’ve come to the right place.
That’s because I will share with you some vital tips to ensure their smooth running. As a landlord, the last thing you want to do is lose money on your investments. That’s why it pays to make sure you do things the smart way from day one! Here is what you need to know:
Make sure you get references (and check them)
The thing about renting to strangers is you don’t know their background. That’s why it is crucial you ask for references and check them before you make any decisions. After all; the last thing you want is nuisance tenants that smash your places up!
Real estate agents will often provide this service for you (for a price, of course). You can always do the checks yourself; there are plenty of online service providers that can help.
Know your responsibilities as a landlord
It doesn’t matter if you are new to the lettings market or are a seasoned veteran. What does matter is that you know what your responsibilities are as a landlord.
There are some things that you must, by law, take care of for your tenants. But, there are also other things that your tenants need to handle. I recommend checking out the makeitcheaper.com website for more details on responsibilities.
Do a property condition report BEFORE you rent it out
Some of the disputes between tenants and landlords are to do with property conditions. In other words, landlords might claim things got damaged yet tenants deny breaking anything.
It’s essential that you do a full report of your property’s condition before you rent it out to tenants. This needs to be a detailed written account, followed by photographic evidence. It’s also worth getting a notary to sign and certify the printouts too.
Ensure you take a deposit in case of accident damage
One of the worst things you can do as a landlord is to not take a deposit from your tenants! We all know that people’s homes will be subject to wear and tear after a while.
But, if you end up with tenants from hell, you could face an expensive cleanup operation! It could even take you some time before the property is in a habitable condition again.
By taking a deposit, you can ensure that any major expenses get covered.
Do regular inspections
Last, but not least, you should agree with your tenant that you will do regular inspections. Don’t worry; I’m not saying you should visit their home each week!
If you have a long-term tenant, you could arrange annual or bi-annual inspections. That way, you can check that your property is getting kept in good condition.
I hope you have found today’s guide useful. Feel free to print a copy out for your records. And don’t forget to share a link to it on social media!
