Getting hold of the perfect buy-to-let property is an exciting time for a landlord, but if this is the first time you have rented out a property then it can be difficult to understand what is required of you.
The best way to figure out how to be a good landlord is to listen to the wants and needs of your tenants. Naturally, not everything they want is feasible, but it is a good place to start.
Would you live there?This is a fantastic acid test for the letting situation. If you buy a property and you think it would need ‘doing up’ before you’d be happy to live there, then it probably needs to be done before putting it on the market.
Bad paintwork, lifted floorboards and general disrepair should be fixed if you want your tenants to be happy living there. Remember, if a house or flat is in good condition when tenants move in, they will want to keep it that way for when they move out. If it is not, what is the need for them to look after a place if you haven’t?
Keep paperwork in orderNothing screams “bad landlord” than poorly completed, half-completed or missing paperwork. Most tenants will have ben told what to expect from their landlord and if anything is not as it should be they will know about it.
Having to be chased up for paperwork, receipts of deposits or anything else will not make you look very professional and will get your agreement off on the wrong foot. Even if you think that there is too much paperwork being given to the tenant, this is a far better scenario than not enough.
Maintenance and gardenDepending on the type of property there might be a maintenance fee to be paid, which is taken into account when calculating rent costs. An owner-occupier is far more likely to want to ensure the upkeep of the garden and outside of the property, with a tenant not really having much need, or obligation, to do so.
As the owner, it is your responsibility to make sure the outside of the building and the garden is being maintained as they should be. If you do so, your tenant will be grateful that the property is kept in good order and they will ensure the inside is too.
It is important to remember that accidents can happen and sometimes problems will develop with your property. Make sure you have sufficient insurance in place to cover unexpected changes. This will provide both you and your tenant with financial security.
Landlords insurance from The Co-operative Insurance offers competitive rates to help you get peace of mind.
Don’t ignore the tenantSometimes things go wrong with a property, which is only natural. Instead of arguing every point with your tenant, keep their trust by arranging to fix any problems. If you are worried they will take advantage then organise regular inspections. It is your right to check the property but you must give your tenants at least 24 hours notice before doing so.
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