Being a landlord can be a very tough task. There is a large amount of paperwork to deal with on a continuing basis and you have the issue with making sure your tenants treat the property with care and of course pay their rent on time.
Here are five of the biggest issues facing landlords today:
Insuring the property
Landlord insurance is a must for any new landlords in order to protect your investment. Swinton offer competitive landlord insurance policies making it a great place to start to ensure you have the correct level of insurance protection.
Protecting the condition of the property
In order to fully safeguard the condition of the property, it’s always advisable to secure a deposit or bond from your tenants and undertake a full inventory of the property when new tenants move in. This will enable you to take note of the condition and will ensure you can claim for any damage when your tenants move out.
Making sure your tenants pay the rent
Rent payment can be one of the biggest problems faced by landlords. For this reason you should undertake various checks before any prospective tenants move in. This includes checking on employment history, previous rental history (including references) and insisting on a guarantor being in place. With a guarantor you can rest assured that if your tenants default you'll still be able to secure the money. Make sure you also run credit checks on any potential guarantors.
Income tax management
You'll be surprised how much paperwork landlords need to undertake. As you'll be earning an income from the rent paid on your property it's especially important to know what tax is due and when.
Landlords must always make sure they stay on top of any legalities involved with renting their property out to tenants. This can include any required safety certificates, legal documents and property policies.
Ensuring your tenants have the required flow of information
Communication with your tenants is key. Being a good landlord means that you think about your tenants' needs as much as the needs of the property. If you need to visit the property for any reason it's important that you keep your tenants informed. Despite being your property, when you have tenants in you can’t just turn up and let yourself in. If you need access to the property, speak to your tenants. Keeping the flow of communication is integral to keeping both piece of mind for yourself but also ensuring your tenants get full enjoyment of the property.