Whether you’ve invested in a rental property or will be renting your home out while you travel, being a landlord can be overwhelming, but there are some things that you should know that will set you up for a stress-free experience. Here are some top tips for beginner landlords to help you get on the right track.
Image - free for commercial use
Maximize Your Rental Return
Owning a rental property is a lot like owning a business and your rent is your revenue. Concentrate on increasing your returns and making sure that your rents are always paid on time. You will have expenses to cover on your property, such as your mortgage, insurance, and maintenance like air conditioning solutions. Make sure that any rental payments that get missed don’t cause a problem with your cash flow.
Most tenants will pay their rent, but you do need to be on top of it if they don’t, and be willing to evict them if rent is a frequent problem.
Thorough Tenancy Checks
A good tenant can give you a smooth tenancy with minimal stress, but a bad tenant can be stressful, expensive, and time-consuming to deal with.
Spend some time thoroughly checking the rental history of any applicant who wants to live in your property. Look at their potential tenant’s employment history to make sure that have a consistent income to pay. Some landlords also check social media to get more of an idea of who you might be about to let live in your property.
If you are looking to perform a more thorough investigation about the potential new tenants, then you can always trace a person with the help of Bond Rees, to gather any evidence of the individual that could possibly damage your business as a landlord, such as theft, if they have ran from their past debts and even their criminal history- if this is the case, you should consider looking elsewhere for a tenant as an individual with past criminal history could prove untrustworthy.
Consider The Pros And Cons Of Accepting Pets
Will you allow tenants to keep pets in the property? Some landlords won’t rent to pet owners and some will. Neither is the right or wrong choice, but there are pros and cons to both decisions.
Demand for properties that accept pets is very high, so pet owners will often live in a property that lets them keep their pets for much longer. You can include a clause in the lease about any damage caused by pets. By allowing tenants with pets, you open your property to a much larger pool of potential tenants, which can lower the amount of time your property is empty between tenants.
However, pets can cause damage, especially to flooring and gardens.
Image - free for commercial use
Maximize Your Rental Return
Owning a rental property is a lot like owning a business and your rent is your revenue. Concentrate on increasing your returns and making sure that your rents are always paid on time. You will have expenses to cover on your property, such as your mortgage, insurance, and maintenance like air conditioning solutions. Make sure that any rental payments that get missed don’t cause a problem with your cash flow.
Most tenants will pay their rent, but you do need to be on top of it if they don’t, and be willing to evict them if rent is a frequent problem.
Thorough Tenancy Checks
A good tenant can give you a smooth tenancy with minimal stress, but a bad tenant can be stressful, expensive, and time-consuming to deal with.
Spend some time thoroughly checking the rental history of any applicant who wants to live in your property. Look at their potential tenant’s employment history to make sure that have a consistent income to pay. Some landlords also check social media to get more of an idea of who you might be about to let live in your property.
If you are looking to perform a more thorough investigation about the potential new tenants, then you can always trace a person with the help of Bond Rees, to gather any evidence of the individual that could possibly damage your business as a landlord, such as theft, if they have ran from their past debts and even their criminal history- if this is the case, you should consider looking elsewhere for a tenant as an individual with past criminal history could prove untrustworthy.
Consider The Pros And Cons Of Accepting Pets
Will you allow tenants to keep pets in the property? Some landlords won’t rent to pet owners and some will. Neither is the right or wrong choice, but there are pros and cons to both decisions.
Demand for properties that accept pets is very high, so pet owners will often live in a property that lets them keep their pets for much longer. You can include a clause in the lease about any damage caused by pets. By allowing tenants with pets, you open your property to a much larger pool of potential tenants, which can lower the amount of time your property is empty between tenants.
However, pets can cause damage, especially to flooring and gardens.
Look At Other Income Opportunities
Most landlords put their properties for a long-term lease. Depending on how hands-on you want to be, there are some other options for renting your property. You could try short-term leases or Airbnb.
These options don’t suit everyone or all properties, but they’re worth considering or speaking to your property agent about.
Know The Law
Understanding your rights and responsibilities as a landlord is important to make sure you don’t get into a costly situation. Consumer Affairs gives a great breakdown of the responsibilities of tenants, landlords, and agents and is a great place to start for first-time landlords.
Most landlords put their properties for a long-term lease. Depending on how hands-on you want to be, there are some other options for renting your property. You could try short-term leases or Airbnb.
These options don’t suit everyone or all properties, but they’re worth considering or speaking to your property agent about.
Know The Law
Understanding your rights and responsibilities as a landlord is important to make sure you don’t get into a costly situation. Consumer Affairs gives a great breakdown of the responsibilities of tenants, landlords, and agents and is a great place to start for first-time landlords.
Be First to Post Comment !
Post a Comment