You buy a house, put it on the market, and find a tenant to pay your rent — it sounds simple, right? The truth is quite the opposite! There’s a lot to do, whether it’s locating the perfect property to lease or screening renters, collecting rent from several tenants or determining the right price point. If you’ve recently purchased a rental property, here’s a helpful checklist for new landlords to make the process of being a ‘good landlord’ a little bit easier.
Pick the right location
Your rental property’s location is extremely important. Beautiful four-bedroom property on the outskirts will not attract the same number of tenants as a basic three-bedroom home in the city. Similarly, a high-end one-bedroom apartment may get fewer applicants than a cosy three-bedroom apartment in a desirable school area. When searching for rental homes, make sure you choose the right area for the suitable target market. Suburbs and emerging towns have been more popular than ever among renters in recent years. If you are looking for property for sale in Manchester, Leed, Sheffield, and Reading if you’ve been thinking about investing in a rental property!
Consider it a proper business
Consider your rental business in the same way you would any other. First and foremost, your rental business must produce a profit and generate revenue. Second, you must maintain a professional demeanour and conduct yourself in a systematic manner. Make sure you follow all of the rules and regulations and make duplicate copies of all of your documents. Before you invest in a property, do your homework. Make sure you have the greatest insurance you can afford. Always keep the property in good shape to avoid having to pay thousands of pounds for repairs and damages. In a nutshell, consider it a business. Get in touch with local estate agents now for a property valuation in Manchester.
Perform all safety checks
Consider your rental business in the same way you would any other. First and foremost, your rental business must produce a profit and generate revenue. Second, you must maintain a professional demeanour and conduct yourself in a systematic manner. Make sure you follow all of the rules and regulations and make duplicate copies of all of your documents. Before you invest in a property, do your homework. Make sure you have the greatest insurance you can afford. Always keep the property in good shape to avoid having to pay thousands of pounds for repairs and damages. In a nutshell, consider it a business.
Choose tenants wisely
You don’t want a tough tenant that doesn’t pay their rent on time! Make sure you thoroughly investigate potential tenants before leasing your property to them. Check their credit history, speak with their prior landlord, seek systematically conduct yourself references, and generally try to identify reputable tenants. At the end of the day, you want someone who will respect your home as if it were their own. The easiest approach to begin the screening process is to have potential tenants fill out a rental application ahead of time; this will provide you with all of the information you require.
Get a fair agreement about all terms
You must have a signed rental agreement that details all of the lease’s terms and restrictions. The monthly rent, payment date, lease period, and other pertinent information should all be included in the rental agreement. The rental agreement must include information on subletting and utility fees. If your property has any special ‘no dogs’ or ‘no-smoking’ laws, you should include them in the agreement as well. Finally, in the rental agreement, answer all conceivable queries. Is there a penalty for arriving late? What are the hours during which the tenant can reach you? How frequently will you do inspections? Is there any time when the property is quiet? Who is responsible for damages?
