Whether you are looking to rent out your old home, build a property portfolio or just gain some extra income. Becoming a landlord comes with many guidelines to follow. In this blog we are going to be looking at the top 5 tips first time landlords should take on board.
Becoming a landlord is not easy. There are many hidden factors that you must consider. That’s why it’s important to prepare before you take on the role as a landlord. Do your research, ask friends and family who have rented properties out before. You can also speak to the experts at Landlords 2 about our range of property management services.
2. Decide your requirements
Before even stepping foot on the rental market, it’s important to know your needs and wants from the tenant. How much rent will they pay? Are there any specific living requirements? Will you allow pets? All these points are crucial so it’s wise to talk with a professional.
3. Screen tenants properly
There is nothing worse than a nightmare tenant, that’s why you must have a proper screening plan in place for tenants. Here at Landlords 2 we offer a first-class tenant find service. We will establish the tenancy, ensuring all legal requirements are met prior to handing over the file to you for ongoing management.
4. Make a Property Inventory
Before your tenant moves in, its important to make sure you have a Property Inventory drafted up. This document includes an account of all the furniture that was in the property before the tenant moved in. It is also proves how the property looked at the start of the tenancy in case the current occupant tries to prove otherwise.
5. Keep an overview
No matter if you have one property or ten you must keep an overview of each one. Keep check of each tenant to make sure they are following guidelines. Make sure you visit the property regularly to keep up appearances and maintenance. If you have more than one property this can become a timely process. We offer a full property management service to make sure everything is taken care of. We will keep up with constantly changing legislation meaning you can breathe a sigh of relief knowing your property portfolio is in safe hands.
Landlords2 provide letting solutions for landlords and tenants throughout Bishop Auckland, Darlington, Durham, Middlesbrough and the North East area.
If you would like more information on our landlord services, please call 01325 978970 or visit our website: www.landlords2.com