5 Keys To Success When Letting Property
Many people in the UK make a great living by letting property. With more people now choosing to rent rather than buy, it’s a great time to start making money from property providing you go about it in the right way. To help you get started, below are 5 keys to letting property successfully.
1. Finding the right property
Finding the right property is one of the biggest challenges of becoming a successful landlord. You of course want to get a good return on your investment so you want to get a property that is reasonably priced and in a good area that will attract the type of tenants you want to let to. Apartment buildings are very popular with landlords since they enable you to get multiple sources of rent from the same building.
Once you have found the right property, it’s a good idea to make any improvements necessary so you can attract the right tenants. Small things like improving the decor or choosing blinds for your bifold doors can make a big difference.
2. Finding the right tenants
Finding the right tenants is another key to letting property successfully. Tenants can cause you a lot of headaches if you’re not discerning about how you let your property to. This is why it’s important to not only do the basics such as criminal record and employment checks but also to seek references from previous landlords. You shouldn’t rely on checks and references alone when it comes to tenants though; trusting your intuition when meeting potential tenants will give you a good idea if you think they’ll be suitable or not.
3. Staying on top of problems
Letting property isn’t as simple as finding tenants and collecting rent. Depending on how many properties you own, there’ll likely be issues that need to be dealt with on a regular basis. You want to ensure that your properties are safe to live in and that your tenants are comfortable.
4. Knowing the law
Knowing the law surrounding property letting as well as what your responsibilities are as landlord is vital. If you have to deal with any disputes with tenants or need to have a tenant evicted then you’ll need to know where you stand legally in order to avoid problems such as potential liability claims.
5. Getting a good landlord insurance policy
Part of being a successful landlord is planning for the worst. This means having a good landlord insurance policy in place that covers you for risk such as structural damage, vandalism, theft of contents and liability claims. Always be sure to take any steps you can to reduce the cost of your insurance such as making your properties more secure and getting as many quotes as possible.