For those looking to start making their money work for them, getting into property can seem like an easy choice. If like me, you’ve been thinking about renting out your property whilst you’re going away traveling, you’ll know it’s not always easy or simply.
Most new landlords are going to have a few hair-pulling nights when first getting into it. There are so many things you have to think about, so here’s a few things you need to consider before you book your flights!
Deciding if you’re the right landlord
First of all, you need to think about whether you and your property are really fit to get into the rental game. First, you need to make sure you’re fit to deal with all the financial considerations. Management fees, financing the house, tax and the like. Similarly, your ability to see properties as a business and how you can market and find the right tenants for them.
Know everything there is to know about your home
Besides the basic details, you need to get a lot more in-depth about what you understand of your home. You need to know measurements, as well as features that can determine its value. Or raise the rent a bit higher. Companies like Jezzards Estate Agents can be valuable partners in this. Anyone who has a knowledge of houses in a commercial sense will likely be more adept at spotting its value than you.
Getting more out the property
Besides spotting the value and marketing perks the home already has, you should be ready to recognise the opportunities you have to improve it. To work on those opportunities, too. This can be as simply as tidying a garden or as involved in renovating an attic. If you have the opportunity to add another room, in particular, you should jump on it.
Knowing the law
An important aspect of becoming a landlord and dealing with tenants is knowing how to have the law on your side. Some laws are to protect tenants; others are to avoid financial disputes. In the case that any problems do occur, then it’s your knowledge of legal tips that will help you understand the way out of a situation. Putting agreements in writing and securing deposits are your first step to having those laws apply.
Screening your tenants
Of course, no-one wants to get to the position that laws have to start being cited and rules enforced. Sometimes it’s unavoidable, but it’s best to reduce your chances by recognising certain red flags for troublesome tenants. This includes getting an idea of their finances, making sure they have the income to comfortably live with the price of your rent.
Maintaining good relationships
That’s not to say that you should be mistrusting and ever watchful for your tenants slipping up. Being wary is one thing, but it helps to maintain a good relationship with your tenants without being bowled over by them.
For one, a friendly face to a property makes them more likely to take their responsibility of it seriously. Dealing promptly with maintenance issues also makes them more likely to be open with any issues in the home. Which is important for anyone’s property.