If you have the money behind you, becoming a landlord can be a fantastic way to increase your earnings. Yes, there’s no denying that you’ll need the money to buy the property initially. But, within a few years of renting, you should have made that back and some. Unless you entrust your property to a renting agency, though, being a landlord is not a hands-off job. Happy tenants are more likely to look after your property. Plus, they’ll give you a good reference at the end of their tenancy. That’s why it’s important you do everything right. So, how can you be the best landlord possible?
ALWAYS BE AVAILABLE
The first step is to make sure your tenants can reach you when they need to. Of course, we all have to work. Let your tenants know, from the off, what hours you work. That way, they’ll know when you’re not available. Other than that, make sure they can contact you should they need to. With a bit of luck, there won’t be any emergencies. But, if there is, you need to be the first port of call. Your tenants can’t act without your say so, after all. If it helps, buy a cheap phone you can use for your rented property alone. Make sure, too, that the tenants know your email address. And if they do contact you, get back to them as soon as possible. An absent landlord is never a good thing!
DON’T CUT CORNERS
It’s also important that you don’t cut corners. If a problem arises, get the professionals to deal with it sharp. Keep the numbers of electrician services and anything else you might need. Save them in the phone you bought for the purpose! While you may be able to patch things up in your home, it’s important you don’t do that in your rented property. Your tenants are paying good money to live there, so you can’t afford to let things slide. Not to mention that cutting corners could lead you to spending more money in the long run. And, you would be liable if one of your tenants received an injury because of your botch job. Leaks, boiler problems and electrical faults are examples of jobs for professionals.
KEEP ASIDE A FEW MONTHS RENT
Of course, we don’t all have the money to deal with major repairs from the off. That’s why it’s important you set aside the first few months rent. Put it straight into a savings account, preferably one with high interest. If you don’t have to use it, you stand to earn a little from it. But, you know it’s there if anything happens. That way, you won’t have to worry about scraping together money that you don’t have. It’ll take off a lot of stress if there is a problem. These savings will also help with the matter of getting issues resolved fast. Don’t leave your tenants without hot water because you can’t afford to get the boiler checked!
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