The real investment in rental properties is time management following purchase. It takes a lot of time to get ready for rental and after that maintaining your residency and residents’ space. It’s a big job and a lot of personal responsibility – are you ready?
We know what you need, but do you tick the boxes…
1. Are you certified to rent out?
Anyone who wants to rent out has to ensure they have a licence to do so. This can count for an HMO or a much smaller property as they can often still classify for needing a licence. To find out if you need one, you must approach your local council. The type of property it is registered as can considerably affect contractual responsibilities for you, so it is important to check.
If you seek more advice on HMO rentals (Houses of Multiple Occupancy), find out more here.
2. Are you able to service your property?
Landlords should always endeavour to keep the facilities of their habitants up-to-date and working correctly. As a landlord you’re the one to make arrangements for property maintenance and upkeep. Remember that anyone who takes on rental properties have to make sure that living standards are safe and seen as passable under inspection. It is required that you regularly send in documents to prove these standards. Checks can be for gas and electricity etc. and are sent in to the council.
3 Are you an approachable person overall?
Though less of a legal requirement, it is always essential to come across as approachable. If you want a steady second income, fleeting tenants is the last thing you want. Simple solution – keep them happy. Any complaints on the workings of the property if resolved quickly and without hassle, you’re left with a happy client. It is not necessary to check on things every day but passing by to check on how things are is always welcome. It shows you value your tenants and care for their living circumstances, something many landlords often forget to demonstrate so much. Remember, keep them happy, keep them renting with you.
Follow these points to a T and ensure yourself a long-term, trouble-free tenancy. Hope our advice helps!
Nick Fox started his property investment career 10 years ago and his portfolio has grown to one of the largest in the UK. Nick now mainly focuses on HMOs (houses in multiple occupation) and works to help others achieve property success too. Visit here to find out how he can help you.
Trackback from your site.