Have you recently acquired a property that you’d like to rent? Perhaps you’re thinking of buying property to become a landlord. There are many advantages of being a landlord and it can be a very satisfying job.
However, it’s vital to do things properly to avoid running into problems. Here are a few tips that are useful for first-time landlords.
Assess Your Property
It’s important to know your property inside-out so you know your potential clients. For instance if your property is near to a university, it could be likely that you’ll end up with student tenants. If you own an apartment building, you may end up with an array of different tenants that you’ll need to interview beforehand.
You can research similar buildings in the same area to find out the average price of renting properties like yours so you know how much income to expect.
As a landlord, it’s essential that you get the correct insurance before renting out property to others. In the event of damage to your property and tenants who have disappeared, this type of insurance will be invaluable. Similarly, you may come across tenants who are unwilling to pay rent and unwilling to move.
For the most part, renting out property to tenants runs smoothly but there can be occasions where you’ll need to make sure you and your property are covered.
Don’t Do It Alone
If you’re new to being a landlord, the best thing you can do is seek advice and help. Talk to other landlords about their experiences and what has helped them maintain good relationships with their tenants. There are also companies you can rely on to manage your properties for you.
Take a look at Mastino Management reviews for more information. They say, you’re only as good as your mentor, and the same is true for becoming a landlord.
Terms of Tenancy
Before you rent out a property, you must create your terms of tenancy. Without terms of tenancy, your tenants won’t know what they’re able to do with your property. For instance, will your tenants be able to decorate?
Are your tenants able to keep pets? It also helps to have tenancy terms so your tenants know how long they can stay. Many landlord contracts are between six months and one year.
During this time, you may want to visit your property to check that it is being well maintained. If you intend on doing this, you’ll need to provide your tenants with written notice of your arrival date and time.
Before your tenants move in, take photographic evidence of what your property looks like. If at the end of the tenancy term there is any damage to the property, your tenants can’t argue that the damage was there when they moved in. Take pictures in all rooms inside the property and take pictures of the exterior of the property too.
If you take the advice of experienced landlords and cover yourself where you’re able to, being a landlord can be a joy. Take a look at the rest of our articles for more tips.