7 Important Tips for First time Landlords

There are many people who are looking for apartments for rent in London. Due to this high rise in the number of people who are looking for rental accommodation in London, many people are making their properties available for rent. Letting out a property is not easy in London.

Here are some tips for first time landlords that you must consider the following things to make letting out of property easy:-

Prepare Your Property

It is difficult to earn long term rent in London if you do not prepare your property well. Preparing your rental property involves getting the primary maintenance done. Fresh paints, repairs, flooring, renovations, etc. need to be done so that your property attracts the tenants and you earn good rent. You can even keep fully or semi-furnished options open for the tenants so that you get more prospective tenants for the property.

Be Aware of your Responsibilities

It is important to know the responsibilities of a landlord. You should be aware that the tenant is not responsible for the major repairs to the property. It is the responsibility of the landlord to get the major repairs done. The landlord should also be available in every instance when the tenant complains about something related to the property. If the landlord is away, he should arrange a letting agent for the work. These tips for first time landlord will save you from later rental fights.

Insurance of the Property

While letting out your property for rent in London, you should make sure that the property is insured. This will mitigate the losses to the property that can be caused due to the negligence of the tenants or the deliberate wrong deeds of the tenants. You will not have to spend too much in case of emergency if your property is insured.

Legal Documentation

Do not give your apartment on rent in London without fulfilling all the legal formalities. Take the help of a legal expert and get the rental agreement prepared. List down all the necessary rights and duties of both the parties to avoid disputes! Also, make sure that the rental agreement comprises of the dispute clause to avoid confusions

Hire a Good Letting Agent

To make the work of letting out of property easier, hire a good renting agent. This will free you from the worries of looking out for tenants for your property. The renting agent will do the primary work for finding the right tenant depending on your need and rentals. Hiring an expert letting agent is one of the important tips for first time landlords.

Market Research

To fix the rental rates of your property, you need to carry out a research of the market. This will help you in fixing the right rent for your property. The rent should not be too high otherwise you will not be able to find a good number of prospective tenants for your property. The rent should neither be too low otherwise you will suffer losses while letting out the property. Moreover, you should also take an idea from the market that what should be the rent depending upon the location of your property.

Know your Tenants

You cannot keep anyone on rent that is willing to pay you your desired rent, you need good tenants for your rental property. Have knowledge about the past records of your tenants. You can do this by having a conversation with their employers, past landlords etc. You should even take the help of some expert to ensure that your tenant does not have a criminal record. These cautious efforts will protect you from troubles in future.

However, it is not as easy as it seems to be. It involves a lot of work and you should know your responsibilities well when you are letting out your property. It will not be a good deal to earn money through rent at the cost of your mental peace. Note these tips for first time landlords for smooth and hustle free renting process.