Being a first-time landlord can be a challenging role. There is so much to consider and often landlords learn through their mistakes over time. If you are about to become a landlord for the first time and you are wondering how to get started or are apprehensive about what lies ahead, read our top 5 tips to be a successful landlord.
1 Carefully check the numbers
Do your sums and check your figures to make sure you can make a profit. Ensure you know the accurate rental value and include all costs and expenses, including agency fees, management costs, insurances etc.
2 Know the laws and regulations
Laws and regulations are updated frequently, so it is important to keep up to date. For example, a major change was introduced on 1st June 2019, which means tenants can no longer be charged fees for services such as viewings, references and credit checks.
3 Find the right property
Looking for a rental property is different to looking for a property to live in yourself. You will need to ensure that the area is a popular location for renters, such as a university city, for example, Norwich. You want to maximise earning potential from the property so you do not want to be paying out for problems with the property. It is therefore wise to use a reputable company to carry out a home buyers survey Norwich for example, has many reliable companies such as https://www.samconveyancing.co.uk/Homebuyers-Survey/Home-Buyers-Survey-Norwich.
4 Properly screen prospective tenants.
Don’t rush into letting the property to the first person that comes along; always carry out a careful and thorough screening process. You should ensure you carry out a credit check and request references so you can be sure you have reliable residents in your property.
5 Know how to deal with a tenant who falls behind with rent
Familiarise yourself with the procedure for dealing with tenants who fall behind with paying rent so if it happens, you can act promptly. It is sensible to communicate with your tenants to try to resolve any issues. However, if the tenants continue to not pay the rent or do not communicate with you, there are steps you must follow in order to reclaim your property. The sooner you act, the sooner you can rectify the situation.