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Any Landlord Has to Know these 5 Easy Tips.

Added: Friday, November 16th 2012 at 7:14am by annatiff

The recent recession has meant that many people are now choosing to rent a property instead of buy one. This has lead to an increase of professional landlords which are now making some substantial money in the rental market today. Those who do have properties to rent however they are now capable of making very worthwhile deals for greater returns than they are used to; as well as being in a position to be a lot more selective when it comes to which tenants to choose. Despite the fact that that is the case on paper, many landlords are not aware of the following points. They can be very helpful in steering away from a quick decision and in avoiding making any problematic mistakes.

An idea of property and tenant legislation is a must for any landlord. Owning and renting out a house or an apartment comes with certain legal obligations on behalf of the owner. For a residential landlord these include maintaining the property so that it is always in a good working order and be sure to go by the minimum standard required of a property before letting it out. Along with this there are a variety of alternative points that need to be thought about. Several of which aren’t very complicated so some basic research and reading before renting out the property is going to be good move. This knowledge is beneficial even if you hire a letting agent.

Take your time when deciding which tenants you want. Some tenants could possibly have glowing references and seem very amicable, but this doesn’t mean that you rush into a decision. So be mindful, because after you sign that contract life can easily become extremely tough for a landlord that wants to remove their tenant before the contract ends.

Ensure that all things are in good working order in the property. The landlord is obliged to make sure any property they rent out is well equipped and secure. To steer clear of that from happening and to cover your own back; draw up a list of all of the furnishings and appliances in the property and check and double check their condition and note it down in the contract itinerary before signing it. This way, you won’t need to panic about the tenants finding anything in a disputable condition; as this can lead to them being qualified for compensation for the item.

Be wise when determining how much rent to charge. Even though it’s every landlord’s dream to get a massive amount of rent for the property they rent out, setting unrealistic rental fees will probably push most potential tenants away. Only the bigger cities of major countries are managing to continue to keep above average rental returns since the recession has begun affecting normal citizens. Rent should be in line with the average for the area and what the property can give that others don’t; with a consideration for the time of year (colder months tend to reduce property value).

It’s always beneficial to have some manners when talking towards your tenants. It is not good practice for a landlord to treat their tenants any differently to how they would expect to be treated themselves. A good relationship nourishes mutual respect and the landlord should be the one setting an example that the tenants will then follow.

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