You buy a property, you list it online, and you find a tenant to pay you rent – sounds easy, right? The truth is far from it! Be it finding the right property to lease or screening tenants, be it collecting rent from multiple tenants or finding the right price point, there is so much to do! If you’ve recently purchased a property for rental purposes, here is a practical checklist for new landlords that will make the process of being a ‘good landlord’ just a little bit easier.
Choose the right location
The location of your rental property really matters. A gorgeous four-bedroom house in the outskirts won’t attract as many tenants as a simple three-bedroom home in the city. Similarly, a luxurious high-end one-bedroom apartment might have fewer takers than a homely three-bedroom apartment in a popular school district. When you’re looking at rental properties, you need to ensure that you choose the right location for the right target market. In recent years, suburbs and developing towns are becoming more popular than ever among renters. So, if you’ve been thinking about investing in a rental property, start looking in upcoming areas such as Manchester, Leed, Sheffield and Reading! For property valuation Manchester, get in touch with local estate agents today.
Think of it as a business
Think of your rental business like any other business. First and foremost, you need to make a profit and earn money from your rental business. Second, you need to be professional and go about things in an orderly manner. Make sure that you follow all the rules and regulations, and don’t forget to have multiple copies of all your paperwork. Do your research before investing in a property. Make sure you spring for the best insurance. Always maintain the property so that you don’t have to dish out thousands of pounds on repairs and damages. In short, think of it as a business.
Take all the safety measures
You need to be regular about maintenance, inspections and safety precautions. Make sure that you take all the safety measures that are required – this includes things like functional smoke detectors, CCTV cameras at the front door as well as carbon monoxide detectors. Be sure to check electrical, plumbing, ventilation and other such systems. Depending on where you live, there are some safety measures that you need to follow by the law, which is absolutely essential. Make sure everything is well maintained, up to date and safe!
Screen tenants properly
The last thing you want is a difficult tenant who doesn’t pay the rent on time! Before you lease your place to someone, make sure that you thoroughly screen potential tenants. Do a thorough background check – check their credit history, speak to their previous landlord, ask for referrals and basically, try to find good tenants. At the end of the day, you want someone who treats your property as their own home. The best way to go about the screening process is by asking potential tenants to fill out a rental application beforehand – this will give you all the information that you need.
Always have a written rental agreement
You must have a written rental agreement that includes all the terms and conditions of the lease. The rental agreement should mention the monthly rent, the date of payment, the duration of the lease and other such important information. Details about subletting and utility payments must also be mentioned in the rental agreement. Also, if you have any specific ‘no pets’ or ‘no-smoking’ rules for your property, you should mention those in the agreement too. Lastly, address all possible questions in the rental agreement. Is there a late fee? What hours can the tenant contact you? How often will you visit for an inspection? Does the property have any quiet hours? Who pays for damages?
If you are keen to invest in a buy to let property, get in touch with estate agents in Manchester today!