Tips for Landlords (and Landladies!)
Whether you’re becoming a landlord for the first time, or you simply have invested in more properties to let, there is always something new to learn and these handy tips and tricks will ensure you don’t end up with any nasty surprises.
Reference Your Tenants
This might sound like a no-brainer but you would be surprised how many new landlords fail to take this vital step. Sure, that young professional-looking person may come across as mature and sensible but what if they got kicked out of their last flat for loud music or fighting? Do you want to take that risk?
Contracts
Always get a contract in writing. It keeps both you and your tenant right.
Inventory
This is a listing of everything in the property when your tenant moved in, along with its condition. It may prove invaluable when your tenant moves out and insists that wall had a hole in it when they moved in.
Don’t Get Too Friendly
At the end of the day, you’re effectively running a business. Keep it professional as getting too familiar can be a nightmare when it comes to making a tough decision.
Inspections
It’s your right to inspect the property regularly, but do be fair. Give at least 24 hours notice and ensure it’s clearly in your tenancy agreement.
Communicate By Letter
Not a note slipped through the door, make sure it’s formal and if you’re in doubt, send it recorded delivery. All decisions and agreements should be by letter and keep a copy for your own records – just in case.
Don’t Hand Over Keys
That is, until you have checked references, contracts are signed, you have received the deposit and first month’s rent (where applicable). Once a tenant is in your property, they have rights that can keep them there.
Get Insurance
There are lots of providers online who offer great deals and a wealth of information on becoming a landlord. See http://www.endsleigh.co.uk for further details.