There are so many things one needs to consider when aiming to become a landlord, people can oftentimes find themselves becoming overwhelmed.
Sure, being a landlord can be stressful at times, but for those who have access to some essential pieces of information and know the correct things to do, things can be made so much easier.
In this article, we will be telling you five things you need to do as a landlord when renting your property to ensure the whole ordeal goes as smooth as possible and reduce the chances of you facing any stressful situations.
1. Getting Insured Is a Must as a Landlord
One of the most vital things you need to do as a landlord when looking to rent your property is to opt to get landlords insurance.
Landlord insurance is similar to home insurance, in that it covers almost the same things. Any damage that could come to your property is covered by landlords' insurance.
However, it is important to note that any damage that is the result of the tenants is not covered by landlords' insurance, except in the situation where accidents may have occurred. Instead, any damages caused by tenants would be covered by tenant insurance, which all tenants have to purchase to be eligible to rent a property.
2. Determine How Much You are Going to Charge for Rent
Deciding the amount, you would like to charge for rent can sometimes be a challenge.
On one hand, you don’t want to set the rent too high as then you would be unlikely to secure any tenant without waiting an extended period of time, which will, in turn, make you lose money while you pay for your property with no income from a tenant.
On the other hand, you don’t want to set the price too low. Sure, you will attract a lot of tenants and have someone in your property fairly quickly, but you will be selling yourself short.
In reality, it's best to opt to go somewhere in the middle.
3. Take detailed Pictures of the Property
Taking detailed photos of your property Is essential for a plethora of reasons, and it's something that may just save you further down the line.
By taking photos of your property, you have evidence of how your property looked before said tenants moved in. Furthermore, if any complications occur with tenants in which they damage something and claim it was always there, you will never have to deal with being taken advantage of.
4. Set Your Terms
You need to decide what factors you would not be willing to budge on under any circumstances. For example, drugs, alcohol, pets, and smoking are all common examples of things that landlords oftentimes refuse tenants for, and there is absolutely nothing wrong with this.
Set your terms and stick to them.
5. Tenant Screening Should Not Be Overlooked
Thetenant screening process is something that oftentimes gets rushed and is not considered important by a vast number of landlords. However, this should not be the case.
Performing an in-depth background check on potential tenants as well as having a quick phone call or interview with them can allow you to see what type of person a tenant is, and allow you to have a sense of whether or not they are going to be any trouble.
Conclusion
If you take heed to the advice we have given you throughout this article and apply all of the things we mentioned, you will find yourself having a much easier time being a landlord.
It's no secret that being a landlord can be super stressful under the wrong conditions, but this only usually applies to those who do not know about or follow all of the vital information we provided in this article.
If you are looking to become a future landlord or you are someone who is looking to find the perfect property for them, feel free to contact TRPE- The Real Property Experts. We have property listings throughout the UK and our specialist team members can help you make the vital decisions you will face throughout your journey.
Related Property Articles
The Pros and Cons of Renting in London
In this article, we will be discussing the pros and cons of renting in London and telling you how to assess if renting in London is the right move for you.
Understanding Renting Fees as a Tenant in 2021
Understanding exactly what renting fees are and how they work as a tenant will bring a plethora of advantages, and possibly save you from making some of the common mistakes that many people seemingly make.
Pros and Cons of Renting a Fully Furnished London Home
The decision whether you want to opt for a home that is fully furnished or its bare counterpart is often something that is troublesome for the majority of people. There are a plethora of advantages and disadvantages for both sides of the argument, and choosing which one is right for you can often be a daunting decision.