Have you been inspired to rent a house or to invest in property? You might have inherited a house or have the money to buy a second home to generate another income. If becoming a landlord is something that interests you, have a look at our top tips for making it manageable.
Make Sure Your Property Is Clean And Safe For Tenants
Before you do anything else, make sure your house is as clean and safe as possible for tenants. If necessary, hire a professional deep cleaning team to go in and give it a once over for you. Check the laws and regulations in your country, as some will have different requirements than others. Make sure that the electrics and plumbing are safe, that the gas works and that any appliances included with the property, such as refrigerators, cookers and washing machines are in good working order. If they aren’t, get the parts you need and fix them.
Also, make sure it is decent in terms of the decor. Simple and neutral colors are not only cheap and easy to maintain, but it also allows your tenants to introduce color and personality through their own soft furnishing and accessories, without worrying about it clashing.
Think About How Much You Want To Charge For Your Property
You need to set a price for your property. Of course, it needs to cover the cost of any mortgage you have on the property, letting agents fees, maintenance and insurance, and you more than likely want to earn a small profit from it. However, it is important not to overprice your property – look at similar ones in the area and how much they are rented out for and set your fee accordingly.
Promote Your Property
If no one knows it is available to rent, no one will rent it, so marketing it is essential. Some landlords prefer to leave it entirely up to the letting agent to promote it in their branch or on their website, while others like to take charge and do it themselves. More and more people look in local neighborhood groups, so discount them as a free method of advertising.
Check Potential Tenants Thoroughly
Again, who does this is dependent on whether you are handing over the management of the property to a letting agent, who will do this on your behalf, or whether you choose to do it yourself. Many landlords carry out a credit check to make sure their potential tenant is not in financial difficulty, as well as doing affordability checks and getting references off previous landlords to make sure that they pay on time and are not likely to trash your property.
Take Out Appropriate Insurance
One thing that is essential when you are a landlord is that you have the appropriate insurance. If something was to go wrong with the property, it will be covered and cover any expenses that the tenants incur through no fault of their own, and if they fail to pay the rent, your insurance will pay this and claim it back from them.
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Great tips! I also think you should buy a home during rainy season so you know if the area’s flood prone or not. If it is, it could mean more money for maintenance.
It’s a great tip 👍
What you don’t understand turns to be risky. I think this tips can prepared any seasoned investor. To minimize risk cause by ignorance when investhing for the first time.