Landlords have a lot of responsibilities. As a first-time landlord, you might not know what you are responsible for and how to manage your properties efficiently. Whether you are just starting on a new business venture or have recently inherited a property you have chosen to rent, real-estate can be a great revenue stream.
Here are a few tips for first time landlords you should know before you get started.
Tips for First Time Landlords
Do Your Research if You are First Time Landlord
Before you can put your property on the rental market, you need to know what other landlords are charging in your area. Higher prices don’t attract as many tenants, and lower prices could cause you to lose profit and potentially lose money. Please take a look at similar homes in the area and how much they let per month.
It would help if you also based the price around what your target demographic can afford. For example, students tend to go for lower-priced properties compared to professionals.
Remove Character Before You Give a Property for Rent
Tenants are more likely to choose a property that offers a blank canvas of neutral colours. Remove any personal items and make the property as minimalist as possible to stay on-trend and help your future tenants picture themselves there.
Clean the Home
Consider getting a property professionally cleaned in-between tenants. Nobody wants to live in a dirty home, especially when that dirt is from someone else. Professional cleaners will scrub everything from the windows to behind the radiators.
Opt for a satin finish paint to make the walls easy to clean and stay stain-free. High durability paints usually include acrylic or latex.
Spare One Copy of Keys with You
Always have a few spare keys on standby in case your tenant loses their copy. It’s worth making copies of the keys for all windows, locks, doors and the gas and electricity meters. A low supply of essential keys could be grounds for a lower rent price.
Being a Landlord for the First Time Needs Learning of Letting Process
It would help if you researched your responsibilities as a landlord and what you are legally required to do. To save yourself some hassle, use a letting agent to help you get started as a first-time landlord. They can take care of most of the financial and legal responsibilities for you.
You also need to check if your mortgage allows you to rent the property – mostly if you have inherited the home.
Finding a Tenant
If you don’t already have a tenant in mind, you can use your letting agent to find one. However, if you prefer to do this process yourself, you need to carry out appropriate reference and credit checks.
We have also given some tips that will help you when dealing with a tenant with bad credit.
To avoid future arguments with tenants, make a comprehensive inventory of the property. Every time tenant’s check-in and out of the property, they need to record the home’s condition and the items in it.So these are some tips for first time landlords one should know. We hope this first time landlord’s guide will help you to manage your property.
Apart from first-time landlord’s tips, Gharpedia has a list of things to know before giving a house on rent. Have a look before you take leave.
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