If you’re starting out in the world of property letting and are looking to make a good investment in this area, then there are some things you need to do to make it work well.
Here are 10 top tips on how to have a successful tenancy in your rental property:
1. Make sure that you have done all you need to in preparing the property for the new tenant – are there any maintenance issues that need to be resolved first?
2. Have the boiler serviced to minimise the risk of a breakdown, which will be inconvenient for you (with the time and stress it will involve in sorting it out) and for the tenant (they will have to go without heating and/or hot water until it is fixed).
3. Have a good landlord insurance policy, including public liability cover, so that you’re covered if anything goes wrong.
4. Get the right tenant – credit checks and references will give you a strong indication of whether this person is going to be a good tenant. Remember to get references both from their previous landlord and their current employer. Questions you need to ask include the reason why they’re leaving the property, how well they treated it when they were there, and are if they were reliable in paying the rent on time.
5. Write a tenancy agreement that is detailed, for example, if there’s more than one tenant you’ll need to state that they are jointly liable for the property and for the rent.
6. Give your tenant a list of useful contacts – tried and tested electricians, plumbers and handymen so that they can call them in an emergency if you’re not available. You’ll need to explain to the tenant that if they caused the fault, they will need to foot the bill for the repairs.
7. Good organisation is key! Have a list of dates you need to know, such as when the tenant’s contract expires, when you plan to inspect the property and the gas safety record expiration date. Plan in when you will arrange any necessary renewals ahead of time so you don’t have a last-minute panic.
8. Explain to your tenant when the best times to contact you are should they have any issues, otherwise they may be ringing you early in the morning or late at night. You may also have to clarify what constitutes an “emergency” – a fire or flood rather than a leaking tap!
9. Regularly inspect the property so that you are aware of how well they are looking after it and also if there are any potential repairs that will need to be carried out. Visit the property at least once every six months and also take a look after any unusually bad weather to make sure there’s nothing that needs to be addressed.
10. Invest in yourself by taking advantage of the resources that are out there to help you on this journey. Nick Fox Property Mentoring offers a wide range of literature for you to read, as well as mentoring and property sourcing services.
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 focusses 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.
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