How to be a successful landlord
8th Jan 2013
In order to get the most out of being landlord, you need to make sure you treat your tenants fair and keep them happy so they want to stay for a long time. There are steps you can take to be a successful landlord and some pitfalls to be aware of so that it doesn’t end up causing you more problems than it’s worth!
The Right Tenants
The most important aspect of being a landlord is to choose the right tenants who will pay on time and not cause you any stress or hassle. Of course, this is not always possible but asking for references from previous landlords is a good way to check their past. It is also a good idea to ask for payslips so you know they are working and able to afford the rent. You may wish to start off with a short lease, such as three months, so you are not stuck with bad tenants for a long period of time. It can be difficult to end a contract when it has been signed so this is a good way of checking the credentials of your tenants.
Protect the Deposit
It is really important to ensure you take a deposit from your tenants; otherwise you will be liable for any repairs at the end of the tenancy. A deposit is a good safeguard and it is a legal requirement to put the deposit in a Government approved tenancy deposit scheme, otherwise you can be fined and it will cost you as much as three times the original deposit. It is also important to be fair with the deposit when it comes to the end of the tenancy. You shouldn’t take money off it for wear and tear, as this is to be expected but you can take some of it if repairs are needed.
It is important to be fair when it comes to charging rent for your property, so do some research into similar properties and find out what they are charging before setting the value. If you need to increase the rent for any reason, make sure you give your tenants plenty of notice, so they are prepared for the increase and can decide if they want to opt out of the contract.
Make sure you have landlords insurance from a reliable company, such as Endsleigh Insurance, so you are protected for any eventualities.
If you want to get the most out of being a landlord and ensure good tenants will stay for a long time, it is important to react quickly to their calls. If anything goes wrong in the property and repairs are necessary, you should get these seen to immediately; otherwise you will be left with disgruntled tenants. If you react quickly to your tenants, they are more likely to take good care of the property, which means it will be of more value at the end of their lease.
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