Rental arrears are one of the biggest risks for landlords. While most missed payments are simple mistakes, one late rent payment can quickly turn sour and leave landlords having to pursue further action.
If you’re a first-time landlord in the rental business, there are lots of things to learn to maximise the profits of your new business venture. Take a few minutes to check out our 10 tips for first-time landlords.
Using a property manager can seriously eat into your margins. London property managers typically charge 10-30% of the rental value. With these kinds of charges, you’ll be forced to raise the rental value making your property less competitive. It’s easy enough to manage properties yourself. Start by managing one property and then as your portfolio gets larger, you’ll be organised and able to scale the task. Check out our quick guide on how to manage properties.
Like everything in life, you may as well be better at something than just getting by. You can be a better landlord by taking some simple steps. When you’re a better landlord, your tenants will be happier and are likely to stay longer. Not just that, by following simple steps you’ll be making life easier for yourself.
Boy Scouts across the World will tell you the importance of being prepared. And it’s no different for landlords. One area where preparation pays off is knowing what expenses to be prepared for when renting out a property and avoid unexpected costs.
The idea of being a landlord is very appealing. It conjures up notions of being able to sit back on rental income and never have to work again. But that’s not true – and if that’s what you thought being a landlord is all about – then it’s probably best you reconsider.
Generally speaking, tenancy agreements, once signed, are binding. It’s not necessarily straightforward to change a tenancy agreement, such as would be required if the landlord is interested in adding or removing a person or persons to the terms of the agreement.
So you’re thinking about renting out a property, but the world of insurance feels confusing. Is landlord’s insurance really necessary? And can you simply rely on your current homeowner’s policy?
If you’re renting out a property, you’ll need to provide a tenancy agreement. However, there are many types of tenancy agreements, so it can be confusing to know which one to use. After reading this five-minute guide, you’ll be confident you know which contract you need.
You’ve made the ideal investment and have furnished your rental property. You’ve checked the references of your soon-to-be tenant. But you also want to take a security deposit to protect yourself from any damages down the line. Here’s the lowdown on what you need to know.